E-Mini S&P 500
Levels and scenario worked out pretty well today. I mentioned last night that last month's NFP release produced a 15-16 point swing in one direction followed by a 15-16 point swing in the other direction, and that's similar to the action we saw earlier this morning. If you look at the 7:30 AM (cst) 5-minute candle, the Low is 1098.75 and price raced up to 1114 by 7:40 am (15.25 pts). Price then pulled back to 1109 before making a final 10 point push up to 1119 (1119 was a level I mentioned last night). ES sold off from there, but chopped in the 1109.50-1112 range before selling off hard all the way down to 1096.25. Like I mentioned last night, you don't want to get in the way of momentum on NFP day.
I'm not going to step through the entire day, but have annotated a 5-minute chart with some thoughts on how I viewed the day's price action. Next week, keep an eye at that 1108 area. It's the Weekly VPOC. Take care, and have a good weekend!
ES 5-Minute Day Session Chart for 12/04/09