Volume is back, so I'm back to trading. 1.5 million contracts on Friday and it looks like we had decent volume last week from Tuesday onwards..
We have a range marked out from 2227.75-2273. So first thing I'm looking for today is for a failure at the top and for shorts to jump on that OR a continuation up and a retest of the top of the range. To the downside, looking at 2267.25 as the first hurdle and I'd rather take shorts below that. Certainly don't want to short into it.
We can see this higher activiy area on the weekly market profile. That tops out at 2265-2266.
And similarly on the daily profiles. It's not a lot of trade, just a downside area that traders could be looking at. So we do have an area below us where we ranged for a couple of days and the top or bottom of that could hold.
Plan
- Looking for either the range high to hold (what we have now may be just a probe up) and for shorts but not short into 2265-2267.25. Downside target on this would down to 2227.75 but not necessarily in one day.
- Looking for a decent move up and then a pullback towards the range high, obviously no hurdles in the way if we take the long trade but not many targets either.
- As it's my first day back, just looking to get back into the markets nice and easy. No rush to trade.
Weekly Numbers
Range 2139.50 -> 2277
Value 2249.50 -> 2266
S1 - 2248.50, R1 - 2286
Daily Numbers
Range 2258.25 -> 2277
Value 2265.75 -> 2277
Globex 2270 -> 2275.25
Settlement – 2271.50
Other levels – 2227.75, 2273 (range), 2265-2267.25
Key Levels – 2178.75, 2129.50 , 2099.75, 2084, 2078.75, 2000.75, 1945.5,1898.75,1812.5,1783.5
Plan
- Looking for either the range high to hold (what we have now may be just a probe up) and for shorts but not short into 2265-2267.25. Downside target on this would down to 2227.75 but not necessarily in one day.
- Looking for a decent move up and then a pullback towards the range high, obviously no hurdles in the way if we take the long trade but not many targets either.
- As it's my first day back, just looking to get back into the markets nice and easy. No rush to trade.
Weekly Numbers
Range 2139.50 -> 2277
Value 2249.50 -> 2266
S1 - 2248.50, R1 - 2286
Daily Numbers
Range 2258.25 -> 2277
Value 2265.75 -> 2277
Globex 2270 -> 2275.25
Settlement – 2271.50
Other levels – 2227.75, 2273 (range), 2265-2267.25
Key Levels – 2178.75, 2129.50 , 2099.75, 2084, 2078.75, 2000.75, 1945.5,1898.75,1812.5,1783.5
