Thursday, March 4, 2010

Thursday 03/04/2010 - S&P 500 Futures Key Support/Resistance Levels

E-Mini S&P 500 Futures
I'm going to continue using 1112.50 as my Bull/Bear Line in the Sand; bullish above and bearish below it. 1113.75-1114.25 is a heavy area of acceptance this week, and so far, we've bounced a couple of points off 1114. Anticipating Responsive Buyers to defend that 1112.50 area on first touch. If that fails, we could see some heavier liquidation and a quick move down to the 1108 area, followed by a test of the 1103-1105 area. On the upside, I would expect rotation in the 1122.50-1124.50 area. If we break-out above yesterday's high (1125), we could get a fast move up to 1129 as Shorts cover their positions. Upside target above 1125 is 1132. The Jobless Claims data and the Pending Home Sales Index are market moving econ releases; so be careful around that time. Trade well!

Econ Data
Jobless Claims and Productivity and Costs at 7:30 AM (cst), Factory Orders and Pending Home Sales Index at 9:00 AM (cst), EIA Natural Gas Report at 9:30 AM (cst).

ES - Daily Chart with Volume Profile and Key Levels

1 comment:

  1. Hi E-Mini,

    Thanks for the great posts, your enthusiasm continues to motivate me!

    Just wanted to see how your progress was doing with the 6E? I have been sim trading it, because I want to have something else to fall back on when the ES is trading in small ranges or if they are ever stupid enough to pass the trader's tax.

    I have had some good success, I really like the volatility. My concern though is slippage problems, since it doesn't seem to do a great deal of volume in relation to the ES and tends to rip off in a direction at times. Did you notice much slippage, or any other thoughts that may encourage or discourage myself from trading live with the 6E?

    I would love to hear your opinion or anyone else if you get a chance. As you can probably tell I am very much a newbie, just trying to make some sense out this crazy market. LOL!

    Thanks again for all the great work you do here. Good luck on your finals:)



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