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. 01/13/2010 - E-Mini S&P 500 Futures Review/Analysis

E-Mini S&P 500 Futures Review/Analysis
The Key Levels provided excellent trade location today for entries and exits (I was Long at 1130.25 in the morning and Short at 1145.00 in the afternoon). Responsive Buyers came in as price approached the 1128 area, and quickly returned price to the Initial Balance High. After consolidating in the 1138.50-1141 area for a couple of hours, ES broke out again to the upside and filled the open gap at 1142.50, followed by running into the Initial Resistance Zone. Despite some profit taking in the last 20 minutes of the session, price closed strong above the Value Area and IB High. Based on the strong close, I'm anticipating continued upside into tomorrow's session as long as price remains above 1141 (note: tomorrow morning's Econ Releases could throw this scenario off).

ES 5-Minute Chart for 01/13/10

Key Support/Resistance Levels (S&P 500 Futures) for Wed. 01/13/2010

E-Mini S&P 500 Futures
As long as we stay above 1132, I would anticipate consolidation in the 1132-1145 area. We've bounced off that 1127-1128 area three days over the last week, and my level of confidence in that support zone holding is running Low now. If we break 1132, and move down to the 1127-1128 area again, there's a higher probability that we'll get a break and flush down to the 1123 area, followed by a test of the 1119 area. My bias is bullish above 1132, neutral to bearish below 1132, and bearish below 1127. We have an open gap at 1142.50 above, followed by a strong resistance zone in the 1145-1146.25 area. Trade well!

Econ Data
EIA Petroleum Status Report at 9:30 AM (cst), Beige Book and Treasury Budget at 1:00 PM (cst).

ES - Daily Bar Chart with Volume Profile and Key Levels