My plan:
Indices futures raised up since Sunday night open. Asian markets were leading the pack. European followed up. ES pushed through 2059, thehigh of last two trading days. It moved back into the range of break down and high of CHVA. The upper target is 2075 of the CLVN. If it close above there, ES may be back to the prior balance area. However the daily and 4hr chart pattern are in the p/b and drop formation. There is a gap below at 2052 and CHVN at 2038. My plan is to sell more puts and reduce my call positions based on the overall up trend. Also need to monitor my risk warning levels and learn more about IB's Risk Navigator.
Grains are in range with wheat moved up and soybean's moved down. I plan to reduce my positions in wheat and soybean before tomorrow's USDA planting acreage report.
My execution:
Indices gaped up at open and never looked back. ES and RUT both tested the breaking down point before closing. NQ didn't get that far. Now it's hard to tell which way the market is going to go since both side of seen of crime was tested. I sold three SPX bear calls for May. I will get ready to exit if we get blow off top and grind up.
Wheat had a surprisingly 4+% pop. I close 490 and 500 puts for this month. Corn is firm and soybean is weak before tomorrow's report. I didn't close any of positions there. I will try to reduce soybean positions tomorrow. It has not followed it's seasonal trends so far. Will the report do the trick tomorrow?
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