Thursday, December 10, 2009

Thursday 12/10/2009 - S&P 500 Market Review

E-Mini S&P 500
Last night's Key Levels & Scenarios post nailed today's price action very well! My near-term bias was bullish, and 1091.25-1092.50 was posted as initial support. 1092.50 ended up being the Globex Low. After that, 1099.75-1101.25 was posted as Initial Resistance, and we got nice pullbacks in that zone. I was anticipating a test of those levels in the Globex overnight session, and that panned out as well. Once price broke through that zone (on third attempt), the area of resistance now became an area of Support. We opened above that zone and price hit a high of 1106.25 (1105.50-1108 was posted as Strong Resistance). Price hit that resistance zone and pulled back to 1100 (new support zone). The second push up hit a high of 1105.50 (to the tick) and pulled back into support.

Post in the comments section if you followed my levels & scenarios from last night and let me know how you did! I'd like to know that the Key Level posts are helping other traders bank some $$$

ESZ9 5-Minute Chart for 12/10/09 Includes Overnight Globex

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