Thursday, February 10, 2011

E-Mini S&P 500 Futures Trade Plan for Thursday 2/10/11

Notes for Overnight Session (posted Wednesday evening)
The existing S/R Zones are in-play and we're still working within the 1310-1322.25 developing Balance Area, with the Balance Area VPOC at 1318.25. I'm looking for an expansion of the 1310-1322.25 Balance Area. The next primary catalyst is the Jobless Claims # at 7:30 AM (CT).

Trade Plan for Thursday 2/10
ES tested the bottom of the developing Balance Area at 1310 in the overnight session, and built Acceptance at 1312. Above here, we have Resistance at 1315-1316.50, followed by the Balance Area VPOC at 1318.25 and yesterday's Close (open gap) at 1319.25. Each of these levels can bring in Responsive Sellers, and I expect some rotation at these areas. A break through the 1318.25-1319.25 Area could lead to new highs, so be cautious on the Short side above that area. If we break below 1310, this will be the first test below the developing Balance Area, and I expect Responsive Buyers to be active at the Support Zones. We have an open gap at 1307.25, followed by Initial Support at 1304-1306, and I anticipate Responsive Buyers there. The Bull/Bear Line in Sand is at 1303.25, and the overall bias remains bullish above that level.

Econ Data
Jobless Claims at 7:30 AM (CT), Wholesale Trade at 9:00 AM (CT), EIA Natural Gas Report at 9:30 AM (CT), 30-Yr Bond Auction at 12:00 PM (CT), Treasury Budget at 1:00 PM (CT), Fed Balance Sheet and Money Supply at 3:30 PM (CT).

ES 5-min Chart with the EMiniPlayer S/R Zones

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