ES broke out above 1103.25 yesterday so consolidation at these levels was anticipated today (11/17) - No surprises! The 1,100 level gained some strength as support today, but I'm still skeptical on it until price moves above 1112.25. Seeing confluence of support in the 1096.50-1098.75 area now though, and expecting that area to hold on first touch (good place to scale out of shorts and/or enter a low risk Long trade if price gets there). Near-term support at 1105, then 1100. Seeing a confluence of resistance in the 1111.50-1112.50 area and anticipating price to pause there on first touch (good place to scale out of Longs and/or enter a low risk short). Beyond that, we have 1114.50 and then 1118. 1122 is the 50% retracement of the entire down move from 1590s, so a lot of people will be watching that level.
Consumer Price Index and Housing Starts data out at 7:30 am (cst) in the morning. Anticipating range expansion tomorrow.
ES - 5 Min Chart from Tuesday 11/17/09
ES - Daily Bar Chart with Volume Profile and Key Levels
CL - Daily Bar Chart with Volume Profile and Key Levels
Post a Comment
At the minimum, please provide your name or Twitter handle when posting comments. Do not post as Anonymous. Comments that contain links to commercial websites will be marked as spam.