E-Mini S&P 500 Futures
The Bull/Bear Line in Sand is at 1043; bias is Bullish above and Bearish below that level. The primary catalyst this morning is the Jobless Claims # out at 7:30 AM (CT). I'm anticipating another balanced day-session ahead of tomorrow's GDP release. As long as ES holds above 1045-1047 Initial Support, the major upside objective for the day is the gap fill at 1065.50. A break above 1074.25 would confirm Buyers in control. The 1059 Resistance Area capped the Buying in the overnight session, and produced a Sell response pushing price down to 1054. The larger Context is still Bearish. I'm a Responsive Seller at 1066-1068 Initial Resistance, and will look for Responsive Selling opportunities at the Resistance Zones above there as well. A break below 1043 would confirm Sellers in control. In the event of a break below 1039, we could test the 1029.50-1031.50 Area and I anticipate Responsive Buyers to be active there.
Econ Data
Jobless Claims at 7:30 AM (CT), EIA Natural Gas Report at 9:30 AM (CT), 7-Yr Note Auction at 12:00 PM (CT), Fed Balance Sheet and Money Supply at 3:30 PM (CT).
ES - Daily Chart with Volume Profile and Key Levels (click on image below to enlarge)
