Monday, March 15, 2010

Tuesday 03/16/2010 - S&P 500 Futures Key Support/Resistance Levels

E-Mini S&P 500 Futures
Anticipating the regular range-bound price action ahead of the FOMC Announcement at 1:00 PM (CT). Although ES filled the gap and closed on a bullish note, the Russel (TF) and Nasdaq-100 (NQ) were unable to close their gaps from Friday, which could be viewed as a warning sign since the Russel has been leading the way on this extended up move. My Bull/Bear Line in Sand for tomorrow is 1138. Below 1138, I believe we could break through the 1134-36 Low Volume Area and test the 1131-1132 area. Btw, the reaction to FOMC Announcements typically consists of fast two-sided moves (whipsaw), so if you're risk averse, it's probably best to sit out 20-30 minutes following the announcement. Trade well!

Econ Data
Housing Starts and Import and Export Prices at 7:30 AM (CT), Redbook at 7:55 AM (CT), and FOMC Meeting Announcement at 1:00 PM (CT).

ES - Daily Chart with Volume Profile and Key Levels

1 comment:

  1. Hi e-mini, I have a question for Ziad i hope he can see it here.If you e-mini have any idea as well let me know


    1)Do you use market profile?
    2)When using the 1 min chart which feed and charting platform are you using?

    That's all for now i have some more things to ask but i'll see if you have the time to help me out on those




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