E-Mini S&P 500 Futures
It was low volume chop day, but the key levels worked very well. The Initial Resistance Zone of 1112-1113.50 acted as resistance in the overnight Globex session, and price paused there several times. The GDP release pushed price down to 1110 and it became a swing low, and thus a key reference point (I took a Fib measurement of this swing to get some range extension targets if price reversed to the upside). Price pushed up to 1115.75 on the Existing Home Sales #, but couldn't get beyond that. You can see on the 5-min chart that price hit that level 4 times, and couldn't get through it, and it was a low-risk area to initiate a short with a tight stop. From there, we sold off the IB low, but 1110-1110.75 was support and the 1110.50 low was rejected. 1112 was previous day's IB High. I posted the 1112 level on Twitter/StockTwits several times in the afternoon (bullish above 1112, bearish below). It was a key reference point to establish a short-term bias, and served me well.
ES 5-Minute Chart for 12/22/09 Includes Overnight Globex