Premarket Analysis: Wasn't able to trade at the end of the week last week and I've recovering from being sick so not the best scenario. Got a late start today also. Looking at the charts we had a huge move down on Friday bottoming out at 4110.75. We are opening right at VWAP with the 0pivot 4135.83, +1 at 4160.92, and -1 at 4106.92. We have key levels to the upside at 4150 which was the high from 4/11 and a key level; and to the downside at have 4140.75 (bottom of CPI candle) and 4132.5 (Bottom on 4/11). On the hourly chart we appear to be in a mini descending channel and we are opening near the top. This channel is only a couple of days old and not the greatest authority. I will want to look for a short here. If we find some sort of resistance and then retest a key level and move down I will go for a short. If we break above VWAP I will look for a retest of VWAP or finding support at that level for a long to 4150 or 4155.
Trade 1: We found resistance at the 0pivot and kept hovering around this level and could not break above 4138. I took this as a sign that we were getting buyers out of the way and took a short around 0pivot, looking for a move down to 4127 which was the post-market low we had found on Friday. While I could have likely taken 2 and left 1 until it retested the 9EMA or something else, I think this was solid execution on the trade. The only thing is I marketed in a little low but overall I'm pleased with this trade, very clean and without much stress besides when I almost got stopped out before the big drop.