E-Mini S&P 500 Futures
We saw Responsive Buyers defend the 1161 level on Wednesday and we continued to build acceptance in the 1163-1164 area. This High Volume Area can be used to establish short-term bias; bullish above it, and bearish below it. My Bull/Bear Line in Sand is 1157.50; we could get heavier liquidation below that level. Market internals as well as the Russel and S&P400 Midcaps closed near their lows, which is at the very least a caution flag. On the upside, if price remains above 1163 overnight, we could blow right through the Overnight Resistance; and test the High of Year. Be careful around the 1171.25 area; if we get up there, I would anticipate them to run the stops, followed by a quick move down. It's just a scenario I'm prepared for; doesn't mean I "expect" it to play out exactly like that, but just something to keep in mind (e.g. scale out of Longs there). The next big level after 1171.25 is 1182-1183.
Jobless Claims at 7:30 AM (CT), EIA Natural Gas Report at 9:30 AM(CT), Federal Reserve Chairman Ben Bernanke testifies to the House Committee on Financial Services about the Fed's exit strategy at 9:00 AM (CT).
ES - Daily Chart with Volume Profile and Key Levels
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