E-Mini S&P 500 Futures Review/Analysis
If you lost a little bit of money today, Relax; days like today are not the norm. If you lost a lot of money on the other hand, take tomorrow off and thoroughly go over your risk management plan, and your execution from today. Today's sell-off was triggered based on concerns over the employment situation and European debt. You could say it was a news induced panic sell-off. Despite the news and panic selling, most of the Key Support Levels still managed to provide a pause in the selling, and some rotation -- so even if you took a counter-trend Long at Key Support, you had plenty of time to move the stop to break-even and bail on the trade. We filled two open gaps today, 1070.50 and 1061.75. 1059.75 was identified as a Strong Support Level in Monday night's post.
If you learned any lesson today, or would like to share a thought, I encourage you to post in the Comments section.
ES 5-Minute Chart for 02/04/10