Monday, February 15, 2010

Tuesday 02/16/2010 - S&P 500 Futures Key Support/Resistance Levels

E-Mini S&P 500 Futures
Based on last week's Buying activity, I'm anticipating upward continuation. We're heading into heavy Areas of Resistance, but also have strong Support below (1064-1067). Unless we get some news-driven activity (Greece, etc), I'm anticipating rotational moves regardless of overall direction. Tuesday is also light on the economic data front, with market-moving econ data coming out later in the week.

Econ Data
Empire State Mfg Survey at 7:30 AM (cst), Treasury International Capital at 8:00 AM (cst), Housing Market Index at 12 PM (cst).

ES - Daily Chart with Volume Profile and Key Levels


  1. Hey EMP,
    Good stuff here really enjoy the charts. I'm curious if you can explain your thoughts on various volume levels and how they act as S/R...

    First, in general do you consider high volume areas s/r and low volume areas points that price slices through easily?

    I've made a few notes on your chart. Perhaps you can take a look and give your thoughts on why you wouldn't consider those points areas to do business. Specifically the low volume areas which look to also be the high on the 10th, and low on the 15th.

    Also, how are you calculating your range extensions, fibs?

    keep up the good work...

  2. Hi Donald,

    I view High Volume areas as Areas of Acceptance and anticipate rotation when price reaches those areas. Low Volume Areas on the other hand, either get rejected immediately or price just slices right through -- it's an area that did not previously facilitate trade. Mind Over Markets uses the analogy of Low Volume Areas being similar to a glass window being hit with a golf ball -- the ball will either bounce off quickly, or break through the window. Hope that makes sense.

    Regarding your notes on my chart, keep in mind that I use multiple time-frames and charts to come up with the levels and it's not all based on volume profile. Also, the Volume Profile chart I post with the Key Levels is the 24-hour session chart, so the High Volume areas shown on this chart are skewed a bit. For example, the 24-hr session Volume Profile chart for today (Tuesday) shows 1084 as the VPOC, whereas the Day Session Volume Profile chart shows the 1087.50 level as VPOC. I pay more attention to the Day Session Volume Profile chart, since overnight volume is light.


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