Wednesday, March 10, 2010

Wed. 03/10/2010 - E-Mini S&P 500 Futures Review/Analysis

E-Mini S&P 500 Futures Review/Analysis
Price bounced ahead of Overnight Support, and continued moving to the upside in the morning session, followed by range-bound conditions later in the day. ES closed above the mid-point, and close to the Initial Balance High, which I view as indication of continued strength. As I mentioned last night, aside from being overbought and extended, I'm not seeing any signs of weakness yet. At the same time, everyone knows we're due for a pullback, so have to keep the risk on Longs fairly tight up here. I just want the market to resolve this "area" and move on. I don't really care if it moves up or down, just move already!

Don't forget to rollover to the June contract (ESM10) tomorrow!

ES 5-Minute Chart

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