Monday 12/14/2009 - S&P 500 Market Review

E-Mini S&P 500 Futures
As posted last night, the market consolidated in a range while it digested the latest news. The plan called for buying support and shorting resistance, and that worked well so long as you patiently waited for price to get near the support/resistance zones.

ES 5-Minute Day Session Chart for 12/14/09

Key Levels & Scenarios (S&P 500) for Monday 12/14/2009

E-Mini S&P 500
I was about to post the levels and the Dubai news hit the wires, spiking the ES up to 1113! I had initially marked 1105.25-1106.75 as initial resistance, and that was promptly changed to read "Prior Resistance = Support", so anticipating a bounce in that area. 1111.25-1114.75 was the Range Extension/Resistance, and 1112.25 was the 100% extension of the swing on the Hourly chart. 1106.25 is currently the Mid-Point, and also the Previous Week's High, so we have some confluence there. Near-term bias is bullish!

Scenario
I'm bullish above 1103.75, and am anticipating a bounce on first touch of each support zone on the way down. Anticipating range-bound action tomorrow as the market digests the latest news. In a range-bound market, I'm looking to go Long at Support and Short at Resistance. Immediate trend is up though, so must be careful on the short side and take profits early and often. Trade well!

ES - Daily Bar Chart with Volume Profile and Key Levels


Crude (CLF10)
For Crude traders, here's how the Hourly chart for CLF10 is working out.

CL - Hourly Chart