Thursday, March 18, 2010

Thursday 03/18/2010 - E-Mini S&P 500 Futures Review/Analysis

E-Mini S&P 500 Futures Review/Analysis
Price bounced off the Initial Support area in overnight trading, and stopped 1 tick ahead of the Overnight Resistance Level after the open. From there, we got a lot of narrow range chop, but price remained below 1162.50 and then broke below the IB Low. From there, we got a minor bounce ahead of Initial Support, which was sold into pushing price 1 tick below Initial Support. Price formed a double-bottom at Initial Support and went on to test the IB Low and ended up closing above the mid-point and VPOC, but below the Overnight Resistance. The fact that price couldn't even test the overnight resistance during the day session signals weakness. Market internals closed on weakness as well, and we may finally get that pullback everyone's been anticipating for days now. Price is currently in a neutral area, and built some acceptance in the 1159-1161 area over the last two days. I'll chalk up the choppy price action this week to quadruple witching and the fact that we're at new yearly highs, so consolidation is to be expected. Next week should be more happening (keeping fingers crossed)!

ES 5-Minute Chart

ES 30-Min Volume Profile Chart

ES Day Session Volume Profile Chart


  1. If I remember right you trade off a laptop. Can you touch on your hardware setup? How about wireless?

    I will be doing some traveling and interested in your opinion of the best way to continue to trade.

    Thanks for sharing!

  2. PT, until this past Friday, I was trading off a Sony VAIO laptop (2.8 Ghz, 4 GB Ram) using a Clear 4G Wimax mobile broadband connection. I believe trading off a laptop is a disadvantage and I was only doing it because I was working full-time. I'll be switching to a 6-screen setup next week when I go full-time into trading.


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.