Tuesday, March 2, 2010

Tuesday 03/02/2010 - E-Mini S&P 500 Futures Review/Analysis

E-Mini S&P 500 Futures Review/Analysis
Although I didn't expect ES to tag the Range Extension Area (1122-1123), overall the game plan of Shorting into pops worked fine. ES facilitated trade above 1119 for most of the day, and we got a failed breakout attempt at the overnight high, followed by a move back to the first hour low. 1114.75-1116 is a Low Volume Node (LVN). We may get a quick rejection, or a quick move through that area. The analogy used to describe Low Vole Areas in the book, Mind Over Markets, is of a golf ball hitting a glass window: it either bounces away quickly, or breaks the window and goes right through it. 1112.50 is Support below the LVN.

ES 5-Minute Chart

ES 30-Min Volume Profile Chart

ES Day Session Volume Profile Chart

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