Friday, March 5, 2010

Friday 03/05/2010 - S&P 500 Futures Key Support/Resistance Levels

E-Mini S&P 500 Futures
The price action and clear rejection off Support on February nonfarm payroll day set the bullish tone which has carried is from the low 1040s up to 1125. Now in March, we're again at in inflection point, except this time we have a big area of Resistance above and the NFP release is just the catalyst to re-price the market and set the tone for the coming few weeks. So far, we're continuing to see resilient Buyers, and overall market strength. Based on that information, my anticipation on the NFP release is a fast move down followed by upside continuation. I'm still viewing 1112.50 as my Bull/Bear Line in the Sand to establish directional bias. If we break below 1112, I would expect heavier liquidation and possibly a move down to 1103-1105. On the upside, I'm expecting the Buying to get shut off in the 1132.50-1135 area. As I mentioned last month, unless you're on a professional trading platform such as TT X-Trader with a very fast connection to the exchange, I would recommend staying on the sidelines during the NFP release. Price can move up/down 8-10 pts in a matter of seconds, so it is a high risk/high reward setup. Click here If you'd like to review charts and key level posts from past Nonfarm Payroll days.

Econ Data
Nonfarm Payrolls at 7:30 AM (cst), Consumer Credit at 2:00 PM (cst)

ES - Daily Chart with Volume Profile and Key Levels

No comments:

Post a Comment

At the minimum, please provide your name or Twitter handle when posting comments. Do not post as Anonymous. Comments that contain links to commercial websites will be marked as spam.