Sunday, September 09, 2007

Plan for Monday, Sept. 10/07

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ES Resistance @1467-1471, 1481-1485, 1496-1500
ES support @1436-1439

Weekly pivotPoint= 1469.75

Open gap @1490
Open gap @1480
Open gap @1437

In theory, the plan for tomorrow should be simple and straightforward. Wait for a move up to resistance and then go short. There might even a gap down that might be playable in the first half hour.
In reality, the market will not make it easy to execute this plan. There might be some fake breakouts above resistance. After all, it was totally unexpected that ES could even move up as far as 1467 on Friday. If that is the case, it is probably best to play it safe and wait for confirmation of a reversal before going short, even if that means sacrificing the first few points of the move just to be sure.

The Loonie (D6U7) has also broken below support @0.9465 in the overnight session. I don't understand why it is behaving so weak, but have learned not to question the chart. If there is resistance @0.948 - 0.949, and some volume on another break below 0.946 in tomorrow's session, I might consider going short.

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