Wednesday, March 24, 2010

Wed. 03/24/2010 - S&P 500 Futures Key Support/Resistance Levels

E-Mini S&P 500 Futures
After Tuesday's late afternoon upside breakout, a test of the breakout level (1165.50) is expected; and it looks like we may even get it in overnight trading (ES currently trading at 1167). My plan for tomorrow is to buy the dips into the Key Support Areas, and Short the upside moves into Resistance. There wasn't much buying interest in the 1170-1170.50 area, and I'll be looking to Short it on first touch. I'd be cautious initiating Longs above 1170 since I'm anticipating significant rotation in the 1170-1180 area. If the break-out is "real", I would expect 1163 to hold; a break of 1158.50 would make me suspicious of this upside breakout move and we may get a stronger move down (failure of breakout). I'm expecting consolidation here, and a narrower range day (8-10 points).

Econ Data
Durable Goods Orders at 7:30 AM (CT), New Home Sales at 9:00 AM (CT), and EIA Petroleum Status Report at 9:30 AM (CT).

ES - Daily Chart with Volume Profile and Key Levels

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