Tuesday, November 15, 2011

E-Mini S&P 500 Futures Trade Plan & Chart for Tuesday 11/15

Trade Plan from EMiniPlayer.net
We had the new Bull/Bear Area at 1247-1249, and the break and hold below it resulted in a move down to the NVPOC at 1237. Heading into the day session, we have Pre-Market Support at 1235.25-1237.25 (NVPOC 1237 and Open Gap 1237.75), followed by Initial Support at 1229.50-1231.50. The expectation is for Responsive Buyers to hold ES above Initial Support. A break below 1229 would indicate Sellers back in Control and ES could be setting up for eventually moving down to the NVPOC at 1214. On the upside, the primary target is the 1247-1249 Bull/Bear Area, followed by the Open Gap at 1252. A break and hold above 1252 would bring the 1256.25-1258.25 Initial Resistance Zone into play, as well as the 1261.50 NVPOC and the Open Gap at 1261.75. The primary catalyst this morning is Retail Sales at 7:30 AM (CT) and Business Inventories at 9 AM (CT). Use the Opening Range and Opening Type to determine immediate bias. If we open in the 1237 Area or below it, anything but an Open Drive to the downside would provide edge to Buyers.

5-minute Chart with Support/Resistance Zones

View full size chart

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