Premarket: We have a lot of 2-star newson the Economic Calendar today which may account for some of the swings we had this morning. Overnight/Early today we were on an uptrend until we hit around 4387, found resistance and started a down trend. Earlier this morning news came out and we have more news at 9:00 and then 10:00 which has been causing this thing to dip and bounce. The extremes of that move are around 4382 and 4372. Pivots are: 0pivot 4382.17, +1pivot 4395.83, +2pivot 4416.92, -1pivot 4361.08, -2pivot 4347.42. Levels of interest include 4384 which was the bottom of FOMC on 6/15 which has continued to have significance, and then 4369-4372 as this was where we found a bottom yesterday, and earlier today. The downtrend ont he 1H chart is around 4384. If we remain below VWAP with a trend moving downward I would want to find an entry for a scalp to either the 4369-4372 zone, or I could potential wait for the zone and take a trade down from there to the -1pivot. If we move above VWAP I want to wait for a hold, a confirmation that the trend is up, and look for a move to 4384ish area. The trade to the downside seems to have more potential but we will take what we are given.

Trade 1: This trade was in relation to the news that dropped at 10:00 a.m., specifically that the consumer confidence was higher than expected and more importantly, home sales were WAY higher than expected. I figured this was bad news for the economy and we would see a move down. We had been consolidating right above the 0pivot and not finding buyers as well. This trade was somewhat stressful of a hold but it moved down below VWAP but then bounced quickly. Unfortunately I was on a phone call when the bounce happened and could not react accordingly to get completely out, but I did take half of the position for a profit.