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