Wednesday, February 10, 2010

Wed. 02/10/2010 - E-Mini S&P 500 Futures Review/Analysis

E-Mini S&P 500 Futures Review/Analysis
Yes, the volume was thin, but I thought it was a great day for active day traders. So far, we've continuously seen rejection of the 1055 area, which means most traders are expecting that level to hold. But considering how many times price has already bounced off that area, I would be a little skeptical if price headed down there again. We could get a quick flush down to the 1043s if that area doesn't hold next time around. Based on the price action so far, a push up to the 1085 area wouldn't be too surprising. There are a couple of Resistance Zones along the way that we have to deal with -- but I'm no longer viewing those areas as strong obstacles. A little more positive news, and we could get there in a hurry. We're not seeing a Change in Trend just yet, and looking at the Big Picture, the trend is still down with consolidation in the 1053-1070 area. 1053-1055 is the area to watch if Bulls are to maintain control.

ES 5-Minute Chart for 02/10/10

ES 30-Min Volume Profile Chart for 02/10/10

ES Day Session Volume Profile Chart for 02/10/10

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