E-Mini S&P 500 Futures
With Monday being a consolidation day, the Key Levels haven't really changed much. We've built some short-term resistance in the 1138.25-1139.50, but if price gets back up in that area, I would anticipate a break-out above to tag higher resistance levels. In other words, I don't consider 1138.25-1139.50 to be Strong Resistance; it's just an obstacle that the market may have to work through if it moves back up. A pullback to the 1124-1126 area would not affect the near-term bullish bias. Actually, my goal for tomorrow is to trade with no bias, and just go with the momentum. I'll be monitoring price at the Key S/R Levels to gauge market strength/weakness. I'll also be paying attention to the opening gap; I feel the gap could provide short-term directional bias, i.e. we may continue in direction of the gap in the morning session. Come prepared, and trade well!
ICSC-Goldman Store Sales at 6:45 AM (cst), Redbook at 7:55 AM (cst)
ES - Daily Chart with Volume Profile and Key Levels
My views on trading the E-Mini S&P 500 Futures utilizing Price Action, Market Structure, Volume/Market Profile and the Auction Market Process. Visit www.EMiniPlayer.net for Daily Key Support/Resistance Zones, Trade Plan and Educational Recaps.
Tuesday, March 9, 2010
Tuesday 03/09/2010 - S&P 500 Futures Key Support/Resistance Levels
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Great Blog, just been skimming through. I don't see you using Fibs much, is that still part of your trading?
Also, have you done any reading of Richard D Wyckoff?
Hi David: yes Fibs are still a part of my trading and no, haven't read Wyckoff.ReplyDelete