Pre-Open market analysis
The Emini had an outside down day yesterday, but it stayed within its 2 week trading range. Since the higher time frames are in bull trends, the odds favor at least slightly higher prices. In addition, the 2,500 Big Round Number is a magnet just above. Yet, the extreme buy climax on the weekly chart makes a strong rally from here unlikely. The odds favor a 100 – 150 point bear leg down to the bottom of the 5 month bull channel at some point this year. However, there is no top or bear reversal yet.
Since most days have been trading range days, the odds are that today will be one as well.
Overnight Emini Globex trading
The Emini is unchanged in the Globex session. Most days have been had early selloffs that reversed up. In addition, most have had a lot of trading range price action. Since tomorrow’s unemployment report is a catalyst, that further increases the chances for trading range price action.
Yesterday’s setups
Here are several reasonable stop entry setups from yesterday. I sometimes also show limit order entries and entries on the close of bars.