Wed. 03/31/2010 - E-Mini S&P 500 Futures Review/Analysis

E-Mini S&P 500 Futures
We got a solid bounce at Initial Support, but no follow-through above 1170. NYSE TICK Divergences provided some nice entries on both sides. At this point, the market is pretty much balanced between 1160 and 1170, and we need a catalyst to drive price out of this range.

ES 5-Minute Chart


ES Day Session Volume Profile Chart

Wed. 03/31/2010 - E-Mini S&P 500 Futures Key Support/Resistance Levels

E-Mini S&P 500 Futures
I'm going to continue using 1163.25 as my Bull/Bear Line in Sand, which means the current near-term bias is Bullish. Tomorrow is also the last day of the month, and the market has a tendency to be bullish in the afternoon session. It's a scenario I'm prepared for, so I will try to get more out any Long positions in the afternoon if I see Buy setups around that time. The morning could be choppy or even bearish. Be prepared, go in with a plan, and be mindful of trade location. Initiate trades where you feel comfortable and don't get caught up in the chop. Keep your bias in check. Everyone wants this market to drop, and it could drop tomorrow, or it could test the low 1180s. Trade well!

Econ Data
ADP Employment Report at 7:15 AM (CT), Chicago PMI at 8:45 AM (CT), Factory Orders at 9:00 AM (CT), and EIA Petroleum Status Report at 9:30 AM (CT).

ES - Daily Chart with Volume Profile and Key Levels

Wed. 03/03/2010 - E-Mini S&P 500 Futures Review/Analysis

E-Mini S&P 500 Futures Review/Analysis
As I mentioned in last night's post, that 1125-1128 area is heavy resistance, and that worked very well today with 1125 being the high of day (I shorted 1124.50). After that, it was orderly selling down to support (initial resistance area became new support area). Price then tested yesterday's high a couple of times, and sold off down to the Initial Support area. We got a nice bounce at Initial Support back to the 24-hr session midpoint with a close right above the Initial Balance Low. I'm still viewing this as consolidation and will continue using the 1112.50 level as my Bull/Bear Line in the Sand to establish bias. This is the second day in a row with price closing below the mid-point; a cautionary flag for the Bulls.

ES 5-Minute Chart


ES 30-Min Volume Profile Chart


ES Day Session Volume Profile Chart

Wed. 03/03/2010 - S&P 500 Futures Key Support/Resistance Levels

E-Mini S&P 500 Futures
It's already almost 2:30 AM here, so will keep the notes brief tonight. Currently, the Buyers are clearly in control but price is heading into a heavy area of resistance (1125-1128). In my opinion, that area will be the true test of market strength. But until then, bias is bullish. My bull/bear line in the sand to establish bias is 1112.50; Bullish above it, and bearish below it. Trade well!

Econ Data
ADP Employment Report at 7:15 AM (cst), ISM Non-Mfg Index at 9:00 AM (cst), EIA Petroleum Status Report at 9:30 AM (cst), Beige Book at 1:00 PM (cst).

ES - Daily Chart with Volume Profile and Key Levels

Wed. 02/03/2010 - E-Mini S&P 500 Futures Review/Analysis

E-Mini S&P 500 Futures Review/Analysis
After yesterday's strong trend day, some consolidation was expected, and that's what we saw today. I was anticipating some range extension to the upside, but looks like the market is waiting on the Friday jobs report before making the next directional push.

ES 5-Minute Chart for 02/03/10

Wed. 02/03/2010 - No Key S/R Levels Tonight

E-Mini S&P 500 Futures
I have two mid-term exams tomorrow, so no time to do the Key Levels tonight. But considering the strong up-trend today, I would anticipate a pullback into support, followed by some range extension to the upside. We have 1103-1104 as Resistance above, and beyond that we could see a test of the 1109-1111 area. Below, we have initial support at 1091.75-1093.75.

Econ Data
ADP Employment Report at 7:15 AM (cst), ISM Non-Mfg Index at 9:00 AM (cst) and EIA Petroleum Status Report at 9:30 AM (cst)

Wed. 01/06/2010 - E-Mini S&P 500 Futures Review/Analysis

E-Mini S&P 500 Futures Review/Analysis
As mentioned in last night's post, my bias was bullish above 1127, and ES double-bottomed at the overnight Low of 1127.25. From there, ES made rotational moves up into the Initial Resistance Zone and had a lot of trouble getting through that area. After pulling back several times off the Initial Resistance Zone, ES finally made it to the Range Extension area, and pulled back again. I traded both Long and Short, at or near the Key Levels. I also made sure I was buying on pullbacks since I was cautious on the Long side.

ES 5-Minute Chart for 01/06/10 Includes Overnight Globex

Key Support/Resistance Levels (S&P 500 Futures) for Wed. 01/06/2010

E-Mini S&P 500 Futures
The other indexes (YM, NQ, and TF) are showing signs of weakness, which at the very least, calls for some caution on the Long side. Holding the 1123 area on any push down is fairly important for the Bulls. I'm anticipating a bounce in the 1123-1125 area on first touch, due to nervous Bears covering their positions and over-confident Bulls adding to their Long positions. A break of that 1123 support could take us to the 1118-1120 area in a hurry. Bias is bullish above 1127; neutral to bullish above 1123 and bearish below 1122.

Econ Data
ADP Employment Report at 7:15 AM (cst), ISM Non-Mfg Index at 9:00 AM (cst), EIA Petroleum Status Report at 9:30 AM (cst), and FOMC Minutes at 1:00 PM (cst).

ES - Daily Bar Chart with Volume Profile and Key Levels

Wed. 09/02/2009 - Consolidation Day (Range Bound)

Consolidation day, which was expected, after yesterday's down trend from the open. Price remained within the over-night range all day. Best to fade the range extremes or just sit back and wait for a directional move out of the range. Jobless Claims data at 7:30 AM (central) tomorrow morning should provide some volatility and direction.

ES - 5-Min Chart for Wednesday 09/02/2009

Wed. 05/06/09 - Solid trades

I was busy most of the day with some web development work for one of my clients (sim trading doesn't pay well), but I kept my 3-minute chart up on one of my screens and took a few setups today which resulted in a net gain of +10.75 pts, and that's with a couple of bad entries where I got stopped out, and a couple of early exits. Using the 610 Tick Bar chart in conjunction with the 3-minute would have helped me time my entries better. The newly implemented Trading Schedule also really helped! I would grade today's trading as a solid B+. I've marked up some of the trades on the 610 Tick Bar charts below.

Going forward, I'll be looking at the 910 area to provide light support; 900 area to provide solid support, 887-890 underneath that level as support "foundation". A pullback on profit taking is to be expected, but until those areas are taken out, the market's bias is bullish in my opinion.

Jobless Claims and Productivity and Costs data out tomorrow at 7:30 AM (central). Ben Ber"tank"e speaks at 8:30 AM, but that should be a non-event, EIA Natural Gas Report out at 9:30 AM.

On to the charts...

ES 610 Tick Bar Chart (Morning Trades)


ES 610 Tick Bar Chart (Afternoon Trades)


ES 610 Tick Bar Chart (Late Afternoon / Closing Trade)


ES/$TICK (3-Min) - Gap filled by 9:30 AM. $TICK MAs above zero most of the day.