In Monday’s Strategy we highlighted that the Globex low 1675.25 was a “critical marker” for potential support and that if held, then bulls could could price back to 1690 marker.
“Globex low 1675.25 becomes a critical marker for potential support…IF this level can hold, THEN bulls have a chance to push price back up to 1690.00 (3D CPZ) which has been a “key marker” last week.”
Strong buying on the opening propelled price higher to close prior day’s gap…Price held the VolumeTrend MidPoint (VTMP) and closed near high of session. Clearly bulls took control…Overnight the rally continued and currently (6:00am ET) ES is trading 1693 which is initial price target and equals the average daily range (ADR) 18.75 handles.
In the Day Session, we will be looking for any price weakness to be absorbed. With price now trading back above 3D CPZ (1688.00), look for that level to elicit a buy response should it be tested. Next zone on a deeper pullback is 1682 – 84. Continued price strength continues the rally into 1697.50 – 1698.75 zone.
I am detached from the results. I think in terms of the process and the validity of the process. I understand that I am more than the trading. I do not tie a fragile ego to any day’s trading results. I have faith that over time I will make money. The results of any one trade are statistically unimportant. I think in term of probability. A single trade says nothing about me as a person.