Monday, December 7, 2009

Key Levels (S&P 500) for Monday 12/07/2009

E-Mini S&P 500
I was busy with technology work again this weekend, and it's already past 1:15 AM so tonight's post will be brief. Friday set a higher high and lower low compared to Thursday, but price remained above the 1091 level I mentioned Thursday night and managed to close above the mid-point at 1108, which is also the weekly and monthly VPOC. That's a key level that you're going to want to keep an eye on tomorrow. If we stay above 1108, there's a good chance of tagging that big 1122 level. Think of the number of stops above 1122! I would not fade 1122 on first touch. If we get a double-top at 1122, then maybe, I'd consider fading it. My current bias is bullish above 1099, neutral between 1093-1099 and bearish below 1093.

Don't have time to post scenarios tonight. Please refer to the Key Levels chart for areas of support/resistance. Same story as always; anticipating bounce on first touch at support, and a pullback on first touch at resistance. Good luck and trade well!

ES - Daily Bar Chart with Volume Profile and Key Levels

2 comments:

  1. Hi EMP:

    Do you have a description anywhere of the different indicators you have on your charts? I think I understand all except for the lines at the right end (VOL Trend, VT Hist1, Hist2, Hist3).

    Regards

    ReplyDelete
  2. aviat72, Vol Trend is the VWAP. VT Hist1, 2, 3 are the closing VWAPs (Vol Trend) from 1, 2, 3 days ago.

    ReplyDelete

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.