E-Mini S&P 500 Futures
Even though Buyers were in control in the day time-frame on Monday, we have to keep in mind that it was still an inside day and control could shift again. ES broke out from 1193.25, and I'm anticipating that Area to hold on first touch. The 1187 level was also rejective on Monday, and could provide a bounce on first touch. I'll be looking for Responsive Buying opportunities as long as price remains above 1187. Below that Area, the control shifts to the Sellers, and I'll look for Shorts against broken Support. On the upside, 1208 is the primary resistance level. If price can break above 1208, I would expect a test of the 1213-1214 area. The yearly high is at 1216.75, and there are probably many stops above that level, so be careful fading it. I'd rather be Long into the yearly high if the Bullish scenario plays out.
Econ Data
ICSC-Goldman Store Sales at 6:45 AM (CT), Redbook at 7:55 AM (CT), Factory Orders and Pending Home Sales Index at 9:00 AM (CT)
ES - Daily Chart with Volume Profile and Key Levels
