E-Mini S&P 500 Futures
Prices below 1074-1075 (Monday's Area of Acceptance) were rejected in the overnight session, and ES has set new highs. Buyers are clearly in control here, and I've been expecting a Trend Day. If today happens to be that day, and we trend to the upside, the focus should be on buying pullbacks. But overhead Resistance is in place until broken, and from a Trade Location perspective, 1087.50-1089.50 is the place to Short if the Short is going to work at all. Price trading right through the 1087.50-1089.50 Area on first attempt would be a sign of strong buyers. I anticipate some rotation/pullback in that Area. The next levels where Responsive Sellers could be Active include 1099, 1103.25 and 1107.75 (+/- 2-3 ticks).
Econ Data
International Trade at 7:30 AM (CT), Redbook at 7:55 AM (CT) and Treasury Budget at 1:00 PM (CT)
ES - Daily Chart with Volume Profile and Key Levels (click on image below to enlarge)
