Saturday, February 6, 2010

Friday 02/05/2010 - E-Mini S&P 500 Futures Review/Analysis

E-Mini S&P 500 Futures Review/Analysis
The downside scenario posted last night played out well today. ES broke below Thursday's Low of Day in the overnight Globex session, which increased the probability of a range extension to the downside. The 1042 area was identified as Range Extension Extreme. The NFP reaction was pretty mild, and couldn't even tag the Globex High or Overnight Resistance. I wasn't expecting an end of day short covering rally of this magnitude, but as I posted last night, anything can happen at any time! Overall, a great trading day. Have a good weekend!

ES 5-Minute Chart for 02/05/10


  1. Hello, I have just recently been receiving your analysis, must say, I like it a lot, the charts and the explanation. Thank you very much!

  2. Are those green/red arrows in circles trades YOU made?

  3. Anon, you're welcome. Btw, please post your name or Twitter handle when commenting instead of posting as Anonymous.

    Paulie, I've answered this question several times in the past. Perhaps I'll write a quick FAQ post answering some common questions. The arrows are manually plotted by me in areas that I perceive as Low Risk, High Reward areas to initiate trades. Only some of the arrows are my actual trades. For example, I was Long at 1051.75 around 11:00 AM (green arrow pin-points the entry). Then there are several trades that I took but are not marked up on the chart because they were 1-3 point scalps based on reading very short-term price action, and not structural setups based on the Key Levels.


At the minimum, please provide your name or Twitter handle when posting comments. Do not post as Anonymous. Comments that contain links to commercial websites will be marked as spam.