E-Mini S&P 500 Futures
Bulls have a fighting chance as long as price remains above 1091 tomorrow. I know there's a lot of Bearish sentiment in the market right now, and we very well could head lower tomorrow, but I have to be open to both scenarios. Lets look at today's price action objectively: Price hit Resistance at 1112.75 and broke below the mid-point, VWAP and Initial Support Zone in the overnight session. So from a technical/charting perspective, we were already setup for some Selling going into the Consumer Confidence release. The negative Consumer Confidence # brought in the Other Time-Frame Seller and we sold off 11.75 points in 20 minutes and consolidated below the mid-point for remainder of the day. OK -- sounds pretty damn bearish, but then we got quick and repeated rejection of the 1090.75-1091.75 area (keep that area in mind for tomorrow), and price rotated above the IB Low and closed at the VWAP. I'd feel more confident on the Sell side if price had closed below the IB Low. As long as Initial Support holds tomorrow, I think we could see a rotation back to 1100+. Pending any news, I'm anticipating a range-bound, rotational day tomorrow where price reaches an area of Support or Resistance and rotates/chops back and forth before moving to the next area. Bias is Bearish below 1091, Bullish above 1102 and neutral to slightly bullish in between. Another Key Level to keep an eye on is today's IB Low at 1094; a break of that area tomorrow could take us back for a re-test of 1090-1091 quickly. Expecting Strong Responsive Buying ahead of the 1076-1077 area, if we get there. Best trading!
New Home Sales at 9:00 AM (cst), Ben Bernanke Semiannual Monetary Policy Report to the Congress, before the House Committee on Financial Services, U.S. House of Representatives at 9:00 AM (cst), EIA Petroleum Status Report at 9:30 AM (cst).
ES - Daily Chart with Volume Profile and Key Levels