Tuesday, December 15, 2009

Key Levels & Scenarios (S&P 500 Futures) for Tuesday 12/15/2009

E-Mini S&P 500 Futures
Market is holding up fairly well so far. Price consolidated above the previous VPOC (bullish). We got a 61.8% retracement on the 60-minute chart, and price has been trending higher from there. In the overnight session, near-term bias is bullish as long as price remains above 1108. The initial resistance zone is 1113-1115, with range extension target/resistance in the 1116.50-1118 area. Below here, we have several cushions of support (highlighted in key levels chart).

Producer Price Index at 7:30 AM (cst), Redbook at 7:55 am, Industrial Production at 8:15 AM. FOMC meeting begins tomorrow with the announcement on Wednesday. If we get a negative reaction to the Econ data, price could push through the initial support and tag 1101. I am anticipating a bounce in the 1101-1103 area. A positive reaction could take us to the 1118s; I'm anticipating a pullback there. Bias is bullish above 1101, and bearish below it.

ES - Daily Bar Chart with Volume Profile and Key Levels

Crude (CLF10)
For Crude traders, decent move developing on the hourly chart. Anticipating triangle break-out.

CL - Hourly Chart

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