E-Mini S&P 500 Futures
I was anticipating a trend day, and based on market internals/breadth, the day was shaping up to be a trend day from early in the morning. I was a Responsive Seller at Initial Resistance on the first push up at the open, but reversed to Long at 1087 and bought pullbacks remainder of the day. The up-trend could have been stronger but the weakness in AAPL was weighing on the market, which was more apparent by the relative weakness in NQ. I believe that was also the reason for deeper pullbacks in the afternoon, but those pullbacks provided great trade location to initiate or add to Longs. The Resistance Areas provided good trade location for exiting Longs or even taking counter-trend shorts. The end of day selling was profit-taking ahead of Intel's earnings announcement.
Notes for Overnight Session
Primary support below is in the 1088-1092 Area. The primary resistance levels above are 1099 (Low Volume Node), followed by 1103.25 and 1107.75. The market has had quite a run-up in the last week, and the market could be too Long here, and in need of some balancing before the next leg. We have to trade what's in front of us, but I am cautious on the Long side in the 1099-1119 Area. Intel reporting their best quarter ever is a signal of fundamental strength, and I'm open to the idea of a reversal in the intermediate-term trend, but at the same time, the market has gone up almost 100 points in a week and I expect profit-taking up here. Looking at the bigger picture, a move above 1129.50 would signal a possible change in the intermediate-term trend. We're close to an inflection point. Buyers are in control in the short-term, but the intermediate-term trend remains to the downside for now.
ES 5-Minute Chart
ES Day Session Volume Profile Chart
