Friday, November 18, 2011

E-Mini S&P 500 Futures Trade Plan & Chart for Friday 11/18

Trade Plan from
ES held above the 1208.50 Support in the overnight session while the 1229-1231 Bull/Bear Zone capped the upside. Heading into the day session, the expectation is for Responsive Sellers to be more active off the open. Today's Bull/Bear Zone to establish bias is at 1229.25-1231.25; Sellers remain in Control below, while a break and hold above it would indicate Buyers re-gaining Control. The primary downside targets include the gap fill at 1215 and the previous VPOC at 1211. Yesterday's Value Area Low is at 1212.75, and unless we're getting strong Selling, it's safer to cover/scale-out of Shorts by 1213 since Responsive Buyers could be active in that area. We have Initial Resistance at 1224-1226; a break and hold above that area would indicate weak Sellers and ES could re-test the 1234 area. Overall, if we hold above 1209-1211, the expectation is for ES to balance within yesterday's range, while a break below 1209 could result in a test of 1203.25 and 1199-1201. Use the Opening Range and Opening Type to establish immediate bias. Unless we get an Open Drive to the upside, the focus will be on the Sell side off the open.

5-minute Chart with Support/Resistance Zones

View full size chart

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