02/02 PM Europe

ES S&P 500 minis – Weakening

Activity type – neutral

Open Type = Open In range

Direction of trade- Not clear & condition of current mkt =    balanced                    Volume – Down     Value Area - overlap/down

Expectations given evidence:WEAKENING & News release tomorrow AM will decide bull/bear. After such balance one last push up before failure could be in the cards. I am not thinking we get much higher than 1350s if this continues up.

Overnight inventory is TBD

What needs to hold to favor buyers? 1310, sellers need it below 1297 with volume and value area seems to be pointing towards weakening

Plausible Trade Targets  –  Seller  1331/ Buyer 1313

Support – 1317.50, 1313.25, 1310.25

Resistance – 1323.25, 1331

High of day –   1326      Low of day –  1317.50

ONHI -  tbd   ONLO – tbd

NVPOC – 1308

GAPS – 1308

News Events – JOBS tomorrow AM

6E euro 

Support - 13125, 13011, 12979

Resistance – 13184, 13223, 13265

Always use stops (4pt MAX 3.5 mental) and develop your plan. Goal is a 2.5pt rotation from an area minimum. Trading futures involves risk and these are just thoughts not directions.

02/02 Pre Market

ES S&P 500 minis 

Activity type -Initiative buyers above Value, OTF caused gap up after 1310 was taken we pushed up as expected

Open Type = Open out of range

Direction of trade- UP facilitation that way neutral & condition of current mkt =   Bot, not overbot             Volume – Lower         Value Area - Higher and tight trade area

Expectations given evidence: Trade is slowing higher value lower volume. Lack of conviction and a catalyst may be needed to get another push, we have jobs Friday which will either cause a final push or start a pullback

Overnight inventory is balanced

What needs to hold to favor buyers? 1317 short term and 1310 longer term

Plausible Trade Targets  –  Seller 1331/ Buyer 1308

Support – 1317.50, 1313.25, 1310.50

Resistance – 1323.50, 1331

High of day –  1327  Low of day -1316.75

ONHI -  1325.25  ONLO – 1317

NVPOC – 1308

GAPS – 1308

News Events –

6E euro 

Support - 13084, 13011, 12979

Resistance – 13125, 13187

Always use stops (4pt MAX 3.5 mental) and develop your plan. Goal is a 2.5pt rotation from an area minimum. Trading futures involves risk and these are just thoughts not directions.