I kept expecting a deeper pull back this week. John Carter's cycle theory enforced my thesis. But for the last five days every morning's push down met with buyers pushing it up in the afternoon. My support level 2 didn't get hit so as all of my entries of puts. ES is in a daily squeeze channel now. It may get resolved after this Friday's job report or sooner.
I was only able to get in a scalp of 1720. I don't have anything for next two weeks. I guess my patience is running thin. Need to recognize and control my emotions. I paper traded bond and SPY credit spread today. Grains are still weak. I will wait for this Friday's DOA's production report and may get in some position next week.
ES looks like a bull flag now. Tomorrow's S levels are: 1756, 1752 and 1743.5; R levels are: 1770, 1775 (new high) and 1778. If we break in a new high there may be a new balance area. I will try to sell puts on any pull backs but not sell calls for the next two weeks unless there is a clear rejection of new high.
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