A quick shout out to StockTwits for including my Key Levels post from last night in their Chartly Technical Knockout morning newsletter! Thanks guys, appreciate it!
E-Mini S&P 500 Futures Review/Analysis
The Key Levels and Scenario worked beautifully today. Last night's post called to short the Initial Resistance (1130-1132) on first touch and go Long at Initial Support (1123-1125) on first touch, and those were the best trades of the day. Although today's 8-point range was well below the average, ES managed to build value above 1127 on higher volume than yesterday, which is reassuring for the bulls. At the same time, any move below 1125-1127 puts the short-term Buyers in a losing position. Just the like the Bears, the Bulls will most likely add to their position on the first push down to 1123, but any subsequent swing down below 1123 could result in some liquidation. Bias is bullish above 1127; neutral to bullish above 1123 and bearish below 1122.
ES 5-Minute Chart for 01/05/10 Includes Overnight Globex