E-Mini S&P 500 (December Contract)
The levels haven't really changed much, so please refer to yesterday's Key Levels chart.
1099.75-1101.25 is still the initial resistance zone (good chance to tag it in Globex), with 1105.50-1108 as strong resistance above that area. After that, 1110 is the 100% range extension, which may also act as a temporary barrier to further upside.
On the down side, the initial support zone is 1091.25-1092.50, followed by 1085 and 1082.50. The support zones haven't really changed much.
Today's VPOC was around 1092.50, and we closed on the highs so my near-term bias is bullish. International Trade and Jobless Claims data out at 7:30 am cst tomorrow morning. I'm anticipating a trend day with some conviction on direction. The plan is to be patient, identify the trend, and then enter in direction of trend on pullbacks. Even if the trend is up, taking short trades in the 1107-1110 area is a relatively safe bet. On the other hand, if the trend is down, I'd be cautious entering Long (counter-trend) at initial support (1091.25-1092.50) but anticipate a bounce in the 1082.50-1085 area. It's also contract rollover tomorrow, and volume will gradually shift from the December 2009 contract (ESZ09) to the March 2010 contract (ESH10) over the next couple of days. The support/resistance numbers I've mentioned above are for the December contract.