Friday, December 4, 2009

Friday 12/04/2009 - Market Review

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

1 comment:

  1. Nice post. thanks...Despite your fore warnings, I got got up in the momentum swings of the day...
    Fortunately or not I am back on TT Sim I guess I still have a while to go. Much thanks again for sharing your trading plan on this blog.


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