E-Mini S&P 500 Futures Review/Analysis
The Key Levels provided excellent trade location today for entries and exits (I was Long at 1130.25 in the morning and Short at 1145.00 in the afternoon). Responsive Buyers came in as price approached the 1128 area, and quickly returned price to the Initial Balance High. After consolidating in the 1138.50-1141 area for a couple of hours, ES broke out again to the upside and filled the open gap at 1142.50, followed by running into the Initial Resistance Zone. Despite some profit taking in the last 20 minutes of the session, price closed strong above the Value Area and IB High. Based on the strong close, I'm anticipating continued upside into tomorrow's session as long as price remains above 1141 (note: tomorrow morning's Econ Releases could throw this scenario off).
ES 5-Minute Chart for 01/13/10