Friday 03/12/2010 - S&P 500 Futures Key Support/Resistance Levels

E-Mini S&P 500 Futures
Price is getting very extended up here, and a breather would be a good thing at this point since it would allow Buyers to re-load at better prices, and may even attract additional capital currently on the sidelines. The challenge at this point is to keep the bearish bias in check, and view price objectively. My Bull/Bear Line in the Sand is 1136.75; bullish above and bearish below that level. Risk management is Key here since a move down could result in some profit-taking, which could trigger a stronger sell-off. Bears are waiting and will probably pounce on this thing at the earliest glimpse of a selling opportunity. Trade well!

Econ Data
Retail Sales at 7:30 AM (cst), Consumer Sentiment at 8:55 AM (cst), and Business Inventories at 9:00 AM (cst). Treasury Secretary Tim Geithner speaks before the U.S. Export-Import Bank annual conference in Washington at 11:00 AM (cst).

ES - Daily Chart with Volume Profile and Key Levels

Thursday 03/11/2010 - E-Mini S&P 500 Futures Review/Analysis

E-Mini S&P 500 Futures Review/Analysis
What a day...Range-bound chop for better part of the day, followed by an unexpected rally into the close. Now, although I didn't anticipate the rally, I did manage to pick up on some clues that kept me from shorting it. Here's why I didn't short into the afternoon up move:
1. on the pullback, Price remained above mid-point
2. Price rejected VWAP (Support)
3. ES rebounded back to trading above the Initial Balance (1st Hr) High
4. Positive NYSE TICK Divergence
5. 1139-1140 was an area of acceptance

I put together the Levels last night in a hurry, but they still worked out pretty well and helped me obtain good trade location. The arrows marked on the 5-min chart for today are the trade sequences I took (Short, Long, Short). Lets hope the Retail Sales data out tomorrow morning shakes things up and brings some volatility back into the market.

In other news, I attended my last lecture at DePaul tonight! I have final exams next week and then I'm DONE! This past year has been really tough with full-time work, full-time school (5 classes), trading, blog, etc. and wrapping up school is such a relief! After next week, I'll finally be able to get some sleep :-)

ES 5-Minute Chart


ES 30-Min Volume Profile Chart


ES Day Session Volume Profile Chart

Thursday 03/11/2010 - S&P 500 Futures Key Support/Resistance Levels

E-Mini S&P 500 Futures
Due to homework & final exams, I didn't have time to prepare the detailed Key Levels chart tonight. I did a quick analysis of the June S&P E-Mini Futures and came up with the following S/R Levels:

Support: 1133.75, 1128.50, 1121.25, 1117.50 (open gap), 1114.25-1115.50, 1109-1111.

Resistance: 1139.25, 1141-1143, 1146.25-1148.25, 1152, 1156, 1160

Anticipating a pickup in volatility due to several Econ Releases out tomorrow morning (catalysts). Don't forget to rollover to the June contract (ESM10)!

Econ Data
International Trade amd Jobless Claims at 7:30 AM (cst), EIA Natural Gas Report at 9:30 AM (cst), 30-Yr Bond Auction at 12:00 PM (cst), Fed Balance Sheet and Money Supply at 3:30 PM (cst).

Wed. 03/10/2010 - E-Mini S&P 500 Futures Review/Analysis

E-Mini S&P 500 Futures Review/Analysis
Price bounced ahead of Overnight Support, and continued moving to the upside in the morning session, followed by range-bound conditions later in the day. ES closed above the mid-point, and close to the Initial Balance High, which I view as indication of continued strength. As I mentioned last night, aside from being overbought and extended, I'm not seeing any signs of weakness yet. At the same time, everyone knows we're due for a pullback, so have to keep the risk on Longs fairly tight up here. I just want the market to resolve this "area" and move on. I don't really care if it moves up or down, just move already!

Rollover
Don't forget to rollover to the June contract (ESM10) tomorrow!

ES 5-Minute Chart

Wed. 03/10/2010 - S&P 500 Futures Key Support/Resistance Levels

E-Mini S&P 500 Futures
I'm busy with final exams/papers/projects (last two weeks of school here), so will keep the post brief. Aside from the market being overbought and extended up here, I'm not seeing any reason to be Bearish just yet. I believe everyone is fully prepared for a pullback, and that could very well be the reason no significant pullback has materialized (too many people shorting & covering up here). The S&P Futures closed on Strength today, and so far we're seeing continuation of that strength in overnight trading. I'm anticipating the 1132.75-1134.75 Area to provide Strong Support if the buying is to continue. My Bull/Bear Line in the Sand is 1132.75; bullish if price is trading above it, and bearish if price is trading below it. Trade well!

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

ES - Daily Chart with Volume Profile and Key Levels