Thursday, February 4, 2010

Friday 02/05/2010 - S&P 500 Futures Key Support/Resistance Levels

E-Mini S&P 500 Futures
With ES down 34.75 points today, there's a higher probability of an up move tomorrow. We have to be prepared for both, a bullish and bearish scenario. I'm anticipating the selling to get cut off in the 1044 area, with 1042 being a range extension extreme. If there's a push up, I'll initially be looking to short it around 1078 and 1083. It's critical that price hold today's Low of 1059.25 for any real upside potential. If we break 1059.25, I would expect a swift move down to 1054. After that, I'll be watching to see if 1054 holds. If it does, there's a higher probability of a swing back up to 1070+. If 1054 breaks, I anticipate rotation in the 1048.50-1049.50 area as well as the 1042-1044.50 area. We also have the Non-farm Payroll release tomorrow morning. On average, the first reactionary swing on the NFP release is 10-11 points, followed by a counter-move of greater magnitude. I won't be trading the NFP release, and unless you're on TT X Trader with a direct connection to the exchange, I recommend you stay on the sidelines during the release as well. Even with all the analysis and preparation, always remember that anything can happen at any time!

Econ Data
Non-farm Payrolls at 7:30 AM (cst)

ES - Daily Chart with Volume Profile and Key Levels


  1. Hi E-mini,

    I also anticipated rotation on the 1440-1444 with Fib retracement from yesterday's total range. Is that how you anticipated the 1442-1444,50 area also?


  2. I have basically the same question - you saw "strong support" at 1042-1044. I'm not doubting you saw it, but just wondering how you derived strong support here. Thx.

  3. Pete, there shouldn't be any doubt that I saw Strong Support at 1042 because I posted about it the night before :)

    Caught up with work right now, but I'll try to answer your questions later over the weekend.

  4. This volume profile analysis is beautiful. Could you tell me how you generated it?

  5. Tuxedo, here's a post I wrote with steps on How to Setup Volume Profile Charts in TradeStation:

  6. Never mind, I found my own answers to my question, thanks.


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