E-Mini S&P 500 Futures Trade Plan & Chart for Wed. 02/01

Today's EMiniPlayer.net Trade Plan
Overnight, we were using 1305 as the Micro Bull/Bear Line in Sand to establish directional bias -- Responsive Buyers shut off the Selling a tick ahead of the 1303.50 Support and quickly rejected prices below 1305. Yesterday's review/analysis post also mentioned that we'd be looking for a strong directional move away from 1308, and the break & hold above 1308 took ES up to the 1319.25-1321.25 Resistance Zone, which capped the upside overnight. Heading into the day session, we have Pre-Market Support at 1313-1315 and Pre-Market Resistance at 1319.50-1321.50. With the strong upside move overnight, the expectation is for Buyers to be active at Support and test the NVPOC at 1319.50, followed by 1324.25 and potentially 1327.50-1329.50 (top of Balance Area). Holding above 1313-1315 would indicate short-term Initiative Buyers active in the market, increasing the probability of testing 1324.25. The expectation is for Responsive Sellers to be more active at Resistance above 1324.25. On the downside, below 1313, Key Support is at 1308-1310. Buyers remain in Control. The primary economic catalyst this morning is the ISM Mfg Index at 9 AM (CT). ES is set to open above Value.

5-min Chart with EMiniPlayer.net Support/Resistance Zones

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E-Mini S&P 500 Futures Chart for Thursday 12/1

5-min Chart with EMiniPlayer.net Support/Resistance Zones

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Thursday 04/01/2010 - E-Mini S&P 500 Futures Review/Analysis

E-Mini S&P 500 Futures
Some nice action in the S&Ps today. As I mentioned in yesterday's review, we've observed Responsive Buying and Responsive Selling all week, and today was much of the same. Responsive Sellers quickly rejected higher prices, and once price moved below 1167, Responsive Buyers quickly pushed price back up. 1167-1169 was the Area of heavy acceptance this week. This up move is losing momentum though. The previous week's high was 1176.50, and the high for this week so far is only one handle higher at 1177.50. If price gets below 1158, and longs begin liquidating, we could easily get a pullback to the 1139-1141 area.

Btw, I've received questions regarding the arrows on the 5-Minute charts I post in the daily reviews. To clarify, the arrows are NOT plotted automatically. I manually place those arrows on the charts where I see good setups (a lot of times within the Key Areas posted the night before). Some of the arrows are actual trades that I took (e.g. I shorted 1177 and went long at 1167 today). But not all of them are my trades. I don't plot all my trades on the 5-minute chart; just the setups. Hope that clears things up.

The markets are closed tomorrow for Good Friday, so enjoy the day off and have a good weekend!

ES 5-Minute Chart


ES Day Session Volume Profile Chart

Thursday 04/01/2010 - E-Mini S&P 500 Futures Key Support/Resistance Levels

E-Mini S&P 500 Futures
The current range for the WEEK is 12.50 points (1161.25-1173.75)! We've built acceptance between 1167.75 and 1169.75, and every move above and below that area has been met with Responsive Buying and Responsive Selling. We need a catalyst to drive this market outside of this range, at which point, I would anticipate some Initiative Activity. Tomorrow could be a trend day when price finally pushes to 1150 or 1183...or we could just get more of the same (chop). When everyone gets complacent (comfortable) within the current range, we'll probably get a surprise move that will force one party (either buyers or sellers) to liquidate their positions. As long as we hold above 1163, my bias remains (cautiously) to the upside. Trade well!

Econ Data
Motor Vehicle Sales, Jobless Claims at 7:30 AM (CT), Construction Spending and ISM Mfg Index at 9:00 AM (CT), EIA Natural Gas Report at 9:30 AM (CT).

ES - Daily Chart with Volume Profile and Key Levels

Monday 03/01/2010 - E-Mini S&P 500 Futures Review/Analysis

E-Mini S&P 500 Futures Review/Analysis
As noted in the Key Levels & Scenario post, the first day of March is historically bullish. Looking at the 30-Min Volume Profile chart, we can see a quick rejection of the 1106.75-1108 area within the first hour of trading. From there, we saw heavy acceptance in the 1112.50-1114 area, followed by a minor upside extension that was met with Resistance. Anticipating 1109 to act as support in the overnight session.

ES 5-Minute Chart


ES 30-Min Volume Profile Chart


ES Day Session Volume Profile Chart

Monday 03/01/2010 - S&P 500 Futures Key Support/Resistance Levels

E-Mini S&P 500 Futures
Historically, the first day of March has been Bullish. On top of that, last week closed on a bullish note, with Buyers clearly in control. The obvious expectation is continuation to the upside. The upper price target for tomorrow is 1113. On the flip side, if price starts heading lower, we have to observe whether Responsive Buyers are stepping in and adding to their Long positions; or liquidating. My Bull/Bear Line in the Sand is 1095, which also happens to be the downside target if price begins heading lower. Anticipating 1095 to hold tomorrow. In the event that price breaks below 1095 on heavy volume, we could see heavier liquidation by the Buyers, and Initiative activity by the Sellers -- in which case, 1087.50 and 1084.50 would be the Key Levels to watch. Good luck, and best trading!

Econ Data
Personal Income and Outlays at 7:30 AM (cst), ISM Mfg Index and Construction Spending at 9:00 AM (cst).

ES - Daily Chart with Volume Profile and Key Levels