Sunday, February 7, 2010

Monday 02/08/2010 - S&P 500 Futures Key Support/Resistance Levels

E-Mini S&P 500 Futures
With no U.S. econ release tomorrow, the market focus will be on the European sovereign debt issue. Anticipating consolidation within Friday's range with minor upward range extensions followed by pullbacks. Unless we get strong upside momentum, my plan is to short the pops and buy the drops. Bull's are in real trouble if Friday's Low gets taken out, and I expect them to defend that area on first touch. Ideally (for the bulls), price remains above 1050. If 1050 breaks, I would anticipate a test of the 1042 area. On the upside, we have strong resistance from 1068.25 to 1074.

ES - Daily Chart with Volume Profile and Key Levels

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