Trade Inflection Trading from the trenches Pre Open 2nd of March

HI All

Well this will be relatively short. Still no clear sign of what this market wishes to do. We are still in the range of 4395/4260 with no follow through on either side.

Yesterday I gave you two levels for the breakout 4364 and 4326, after a quick false breakout to the upside post open to 4375 the market became a series of lower highs and eventually broke out of the overnight lows and bingo we went to 4275. This zone from the head and shoulders 260/280 neckline is the critical support and Bulls need to hold this. If you look around the market yesterday there were some gigantic moves in Oil, Bonds (particularly Bunds) the Dax got hammered, VIX is still elevated so risk was definitely off. The irony we have is that with yields down (Bond prices up) this will give a bid to tech, chuck in some sort of ceasefire and i can see this market having another leg up for sure and probably very rapid. So make sure you are low size and wide and trail.

For today I will trust my 3200 Tick chart as I do every day.

The arrow yesterday was back test of 25/26 and down she went. The lower trend line currently comes in at 4290 - And she bounced like a bajo at that level this am and straight to resistance at 339

So for today these are our breakouts 4290/4339 yes I know its wide but that is a function of the range which is 130 points. So maintain positive bias above 339 and negative below 290.

As a reminder here is the big level tree. Todays levels will be the following.

Bull bear Line 4327

above 4339 347 366 (break this it should go) 380 395 404 414

below 4314 08 290 284 275 260 252 200

Yesterdays trades in the room

Short 61 out half at 47 +7

Short 53 stopped be

Long 52 stopped -14

Long 38 -4

Long 90 out +13

Long 90 half +15 half +25 = 19

Long 300 stopped -3

Total ES +18 on the day and + 63 NQ so on the week +35 ES and + 88 NQ

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