Monday, November 21, 2011

E-Mini S&P 500 Futures Trade Plan & Chart for Monday 11/21

Trade Plan from
We had the Bull/Bear Area to establish bias at 1211-1213 and the Notes for O/N Session mentioned that "holding below it brings the 1199 and 1189.50-1191.50 Zones into play; the expectation is for Responsive Buyers to be active there on first test." ES failed at Friday's Low, and we got a test of 1199 and a double-bottom 2 ticks ahead of the 1191.50 Support. From there, Responsive Buyers pushed ES back to the 1199 area (broken support = resistance). Heading into the day session, we have Resistance at 1199 and 1201.25-1203.25, and Initial Support at 1189-1191. ES is set to open below Value, which could attract Responsive Buyers -- we want to see an Open Drive to the downside or an Open Auction Out of Range, with ES holding below the OR High and the Opening price before pressing on the Sell side. Holding above the Opening Range could result in a test of Initial Resistance at 1207-1209, and the Bull/Bear Zone at 1211-1213. Above that, we have the gap fill at 1213.50 and the previous VPOC at 1214. On the downside, the expectation is for Responsive Buyers to be active at 1189-1191. A swift break of that Support Area would indicate very weak Buyers.

5-minute Chart with Support/Resistance Zones

View full size chart


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