Monday, December 21, 2009

Key Levels & Scenarios (S&P 500 Futures) for Tuesday 12/22/2009

E-Mini S&P 500 Futures
Two important economic releases tomorrow morning: GDP at 7:30 AM (cst) and Existing Home Sales at 9:00 AM (cst). My bias is bullish above 1103 and bearish below it. ES is already trading very close to the initial resistance zone (1112-1113.50), and may even take it out overnight. Aside from the moves driven by economic news, I'm anticipating rotational price action between the support and resistance zones. Don't be afraid of the Long side; if we continue moving higher, the stops above will carry Long positions well into the black. Must be cautious on both sides though since it's a holiday week and end of the year. Thin markets can move farther than we may think.

ES - Daily Bar Chart with Volume Profile and Key Levels

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