Monday, March 29, 2010

Tuesday 03/30/2010 - E-Mini S&P 500 Futures Key Support/Resistance Levels

E-Mini S&P 500 Futures
After Monday's range-bound price action where the market was in balance between 1167.75 and 1169, I'm anticipating an outside day where price may test 1175-1176.50 on the upside and 1160.75-1163.75 on the downside. My Bull/Bear Line in Sand is 1163.25; bullish if price is trading above it, and bearish if price is trading below that level. I anticipate the buying to get shut off by 1181.50 and the Selling to get shut off by 1153.50.

Econ Data
Redbook at 7:55 AM (CT), S&P Case-Shiller HPI at 8:00 AM (CT), Consumer Confidence at 9:00 AM (CT), and State Street Investor Confidence Index at 9:00 AM (CT)

ES - Daily Chart with Volume Profile and Key Levels

2 comments:

  1. Ok..I'm officially impressed :), "I'm anticipating an outside day where price may test 1175-1176.50 on the upside and 1160.75-1163.75 on the downside." What the heck gave you the tip off of an outside day?? Well done!

    ReplyDelete
  2. Thx cal_trader. I'll provide a brief explanation. Monday was a narrow-range day, with the market in "balance" between 1168 and 1169. I was anticipating price to test the high volume areas Above and Below 1168-1169 to attract Buyers and Sellers, which is essentially what the market did today (this logic assumes that the basic function of the market is to facilitate trade).

    ReplyDelete

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.