Tuesday, January 12, 2010

Key Support/Resistance Levels (S&P 500 Futures) for Wed. 01/13/2010

E-Mini S&P 500 Futures
As long as we stay above 1132, I would anticipate consolidation in the 1132-1145 area. We've bounced off that 1127-1128 area three days over the last week, and my level of confidence in that support zone holding is running Low now. If we break 1132, and move down to the 1127-1128 area again, there's a higher probability that we'll get a break and flush down to the 1123 area, followed by a test of the 1119 area. My bias is bullish above 1132, neutral to bearish below 1132, and bearish below 1127. We have an open gap at 1142.50 above, followed by a strong resistance zone in the 1145-1146.25 area. Trade well!

Econ Data
EIA Petroleum Status Report at 9:30 AM (cst), Beige Book and Treasury Budget at 1:00 PM (cst).

ES - Daily Bar Chart with Volume Profile and Key Levels

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