Wednesday, November 23, 2011

E-Mini S&P 500 Futures Trade Plan & Chart for Wed. 11/23

Trade Plan from
The fast liquidation move below 1180.50 mentioned in yesterday's Trade Plan materialized in the overnight session, with the Selling shutting off 3 ticks ahead of the 1166 Support. Heading into the day session, we have Pre-Market Support at 1170-1172, followed by Initial Support at 1165.50-1167. Below 1165.50, 1157-1158 is a KEY area (NVPOC at 1158), and we could get an aggressive Buy Response there. Use the Opening Range to determine which side is in short-term control (Price above OR = Buyers in Control, Price below OR = Sellers in Control). Unless we get an Open Drive to the upside, the expectation is for a Balanced session, with Responsive Buyers active at Support and Responsive Sellers active at Resistance (b-Shaped profile with Selling tail). The 1184-1185.25 Resistance Zone could cap the upside, with 1189-1191 being an extreme (unlikely that we'll tag this today). The U.S. markets are closed tomorrow for Thanksgiving, so expect lighter volume today with choppy price action -- be selective on Trade Location and setups. ES is set to open below Value.

5-minute Chart with Support/Resistance Zones

View full size chart

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