Morning Update: 1/17/2012

 

8:26 am…

 

The ES_F has broken a balance area to the upside and established a new high of 1302.  However, a pull back from this area is expected. As Mondays have been typically a non event or even negative I will be looking for mature structures to form by Tuesday and therefore high  probability trade locations.  In my opinion it is essential that the market hold this recent area of resistance as support in order for us to see more upside. But there is one thing very clear the market has held up very well int he face of Euro worries, debt issues, political climate, etc…  This is definitely  a good sign. Will scan hourly/range charts, mark daily balance areas, and define weekly goals tonight  to be prepared  for directional Tuesday!

 

Olof Thomas

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