E-Mini S&P 500 Futures
The Resistance in the 1183-1184 Area is still intact, and my plan is to Short against it on first touch. Obviously, it requires reading price action and momentum at the time, but I believe 1183-84 is an important area and can be treated as Resistance until broken. Keep in mind that for the past week or so, Responsive Activity is all we've seen in this market. Price goes down and we get Responsive Buyers; price moves up and is met with Responsive Sellers. That theme has to change for a decent move in either direction, and I feel we need fresh Initiative Buying to push us above 1183-1184 or Initiative Selling to push us below 1167. With Monday being a trend day, the game plan for tomorrow is to buy the first pullback into Key Support. If the market is truly strong here, we shouldn't get much of a pullback, and 1174.50 should hold. If Initial Support is broken, I'll be looking for Shorting opportunities against that Area. Remember, broken Support becomes Resistance and vice versa. The goal is to be disciplined, read the market objectively and execute trades according to the plan. My focus is always on Risk Management and Execution. With proper Risk Management and Execution, even the bad trades won't hurt your trading account. This is a topic we'll dive into in the coming weeks.
Econ Data
Redbook at 7:55 AM (CT), 3-Yr Note Auction at 12:00 PM (CT), and FOMC Minutes at 1:00 PM (CT).
ES - Daily Chart with Volume Profile and Key Levels