Thursday, January 7, 2010

Key Support/Resistance Levels (S&P 500 Futures) for Thursday 01/07/2010

E-Mini S&P 500 Futures
ES managed to build value higher again today, but I'm continuing to see signs of weakness among the other indexes, and am cautious on the Long side. My bias is bullish above 1129, neutral to slightly bullish above 1127 and bearish below 1127. I'm anticipating 1138 to act as a resistance level tomorrow if price manages to get there, and the plan would be to look for a short entry on first touch. Aside from that, anticipating rotational moves and a range-bound market ahead of the Nonfarm Payrolls due Friday morning.

Econ Data
Jobless Claims at 7:30 AM (cst) and EIA Natural Gas Report at 9:30 AM (cst).

ES - Daily Bar Chart with Volume Profile and Key Levels


  1. Your post have become from good to awesome in last few weeks. Simply amazing work.

    - libratrader (twitter)

  2. I'm trying to figure out your base levels that you use to calc the extension. Is it just the first hour O/S? And then you take fib extensions of that range?

    @ljr500 (twitter)

  3. The base levels are the High and Low for the day (24-hr chart, so it includes Globex as well).

  4. Thanks. Are you generally taking that 24 hr range (lets say it was 10 pts) and then extending it by fib amounts? ie, 1.62%=~6.25 pts, 100%=10pts etc.

    @ljr500 (twitter)

  5. Hey E-mini,

    I was wondering about the 1138 level that you mentioned was that a result of your expansion level or did you also look back to when ES was trading at these levels before i.e did you look back at the volume profile for 10/08 or composite profile for that time period. Or even simple S/R levels during that period.

    Thanks mate.


  6. Hi Tony, the level was based off range extension on the Daily and 30-min chart. The 1138 level also lined up well with a symmetrical swing on the 30-min chart at the time.

  7. Hello E-Mini,

    I want to thank you for providing an excellent analysis of the market on daily basis. Personally I have listened many market so called "Guru". You are definitely one of the Best and a true market Guru who understands Supply and Demand objectively. I sincerely want to say, please continue doing the good work as its HELPING lots of people around the world who are serious about trading and your analysis gives all of us and EDGE.

    Thanks again and God Bless you.

  8. Hi Henry,

    You're welcome! I'm glad you're benefiting from the information; hearing from traders such as yourself makes it worthwhile to take the time and post the analysis every night.


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