E-Mini S&P 500 Futures
After the weak close below the mid-point today, it's no surprise that we're seeing the same theme continue into the overnight session. 1142.50 is the near-term overnight resistance, and we have a stronger resistance zone above that (1144.25-1146.25). Below, we have strong support in the 1136.50 area, and I'm anticipating a bounce on first touch. Same goes for the 1131.50 and 1127.50 areas; anticipating price to pause/bounce in those areas. My bias is bearish below 1146.25, neutral between 1146.25 and 1148 and cautiously bullish above 1148 with an eye to the upside resistance zones to exit Longs or initiate Shorts. If we get a sell-off tomorrow, watch the 1127-1129 support area -- If that breaks, I'm anticipating heavier liquidation.
Btw, I want to clarify that the purpose of the Key Levels is NOT to Predict future price action! The Levels serve as a sort of Road Map and provide low-risk areas to initiate and exit trades. That's it! I'm not in the Prediction business; and predicting can actually be detrimental to your P&L since you run the risk of defending your prediction instead of analyzing and responding to the Market in real-time. I don't care if the market goes up or down tomorrow; I have no vested interest either way, but I'm prepared to trade it in either direction.
International Trade at 7:30 AM (cst), Redbook at 7:55 AM (cst).
ES - Daily Bar Chart with Volume Profile and Key Levels