Thursday, March 11, 2010

Thursday 03/11/2010 - E-Mini S&P 500 Futures Review/Analysis

E-Mini S&P 500 Futures Review/Analysis
What a day...Range-bound chop for better part of the day, followed by an unexpected rally into the close. Now, although I didn't anticipate the rally, I did manage to pick up on some clues that kept me from shorting it. Here's why I didn't short into the afternoon up move:
1. on the pullback, Price remained above mid-point
2. Price rejected VWAP (Support)
3. ES rebounded back to trading above the Initial Balance (1st Hr) High
4. Positive NYSE TICK Divergence
5. 1139-1140 was an area of acceptance

I put together the Levels last night in a hurry, but they still worked out pretty well and helped me obtain good trade location. The arrows marked on the 5-min chart for today are the trade sequences I took (Short, Long, Short). Lets hope the Retail Sales data out tomorrow morning shakes things up and brings some volatility back into the market.

In other news, I attended my last lecture at DePaul tonight! I have final exams next week and then I'm DONE! This past year has been really tough with full-time work, full-time school (5 classes), trading, blog, etc. and wrapping up school is such a relief! After next week, I'll finally be able to get some sleep :-)

ES 5-Minute Chart

ES 30-Min Volume Profile Chart

ES Day Session Volume Profile Chart

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