Wednesday, December 23, 2009

Wednesday 12/23/2009 - S&P 500 Futures Market Review

E-Mini S&P 500 Futures
The key levels worked very well today. The overnight stop run above the previous high of day paused at 1119 to the tick -- and that level worked multiple times. Sellers kept price under 1121, and shorting below 1122 with a tight stop was fine. The morning sell off stopped and reversed at the Initial Support Zone. Sellers kept price under the IB High (was also the High of Day) in the PM session. I was anticipating another stop-run if the buyers had been able to push price above 1117.25 in the afternoon. 1117.25 is now acting as Resistance in the overnight Globex session. The charts below show how the Levels worked out.

I won't be posting Key Levels tonight since tomorrow is a short day. 1119-1121 is still the Resistance Zone to watch. Above 1122, we could easily get to 1127.

Best wishes to everyone this holiday season! 2009 has been a very educational year and I feel confident going into 2010!

ES 5-Minute Chart for 12/23/09 Includes Overnight Globex

ES - Volume Profile and Key Levels 12/23/09


  1. Merry Christmas emini. Keep up the great analysis in the new year.


  2. Thanks Tony, Merry Christmas to you and your family as well!

  3. Great Stuff. How do you define your 100% range extension, etc. I follow FT71 on twitter, etc. and I like your volume chart. Just trying to get the levels figured out. Do you use deviations of the VWAP at all?

  4. The 100% range extension is calculated based off the prior day's range. For example, if the previous day's high is 1100 and low is 1090 (10 pt range ); the 100% upside extension would be 1110 and 100% downside extension would be 1080.

  5. ahhh, okay. Simple enough. Is that your prop method or something that is standard in MP book?

    Thanks agian.


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