Trade what you are given... if you can afford to wait for the market to come to you great.. but most cannot.

Anyway the S&P 500 SPX cash market as well as futures made a new high for 2012... What do i conclude from this.. it is time to wake up from the summer coma and pay attention as it was clear today some positions were rolled around.

ES levels to watch are 1407.75 if the 1410 fails to hold throughout the evening...1407.75 fails it will convert into 1405 then the 1397-1400 fight comes into play.... upside is clear.. over 1415.50 could reverse the damage done today on the 15 min frame.... FOMC minutes tomorrow at 2:00 pm ET... be ready. watch bonds...

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1 hour ES_F

4 hour ES

Daily ES