02/07 PM Europe

ES S&P 500 minis  Activity type -First Initiative sellers followed by OTF Responsive buyers that drove the trade Open Type = Open In range Direction of trade- UP & facilitation that way = Good & condition of current mkt =   Balanced/overbot            Volume – UP  Value Area - Overlap UP Expectations given evidence: Moderately […]

02/07 Pre Market

ES S&P 500 minis 

Activity type -neutral

Open Type = Open In range

Direction of trade- Not clear, condition of current mkt =Balanced     Volume – POOR         Value Area - overlap lower

Expectations given evidence: Slowing/balancing, test lower 1329/23 area, 1330 area needs to hold for bulls

Overnight inventory is Balanced

What needs to hold to favor buyers?1333 for today 1310 longer term

Plausible Trade Targets  –  Seller 1342.50/ Buyer 1323

Support – 1332.75, 1329(minor), 1323.75, 1318.75

Resistance – 1336.50(minor), 1342, 1346.50
High of day –  1340.50  Low of day – 1333.75

ONHI -1342.50    ONLO -1333.25

NVPOC – 1322.75

GAPS – 1322.76, 1339.25

News Events -Consumer Credit 3pm EST

6E euro 

Support - 13125, 13046, 13009

Resistance – 13184, 13223, 13260

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.