Tuesday, January 19, 2010

Tuesday 01/19/2010 - E-Mini S&P 500 Futures Review/Analysis

E-Mini S&P 500 Futures Review/Analysis
I know I'm not the only one who was surprised by the unusually strong up move today. I was not anticipating such a strong up move, but was open to the idea. I posted last night that my "process goal will be to keep the personal bias in check, and keep my mind open to bullish scenarios as well." That thought alone kept me out of trouble today. One way I gauge momentum and strength of bulls/bears is by measuring the range of the up/down rotations. As you can see from the 5-min chart, the rotations in the overnight session were favoring the bears with upward rotations averaging around 1.25 points and downward rotations averaging 2.25 points. This relationship reversed when ES pushed from 1127.50 (7:20 AM cst) to 1132.75 (7:40 AM cst). Price also remained above the mid-point and VWAP right from the cash open; another sign that Bulls were in control.

ES 5-Minute Chart for 01/19/10

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