Friday, February 3, 2012

E-Mini S&P 500 Futures Trade Plan & Chart for Friday 02/03

Today's Trade Plan
ES held the 1320 Support in the overnight session, and broke out to the upside on the positive NFP/Employment report, testing the 1335.50-1337.50 Resistance Zone, where Responsive Sellers were active on 1st test. Above there, we have Resistance at 1340.25-1342.25 (Open Gap 1340.25) -- Sellers may the cap the upside there. On the downside, we have Initial Support at 1327.25-1329.25, followed by 1322.50-1324.50 and the Bull/Bear Line in Sand at 1320. NFP day sessions usually result in two-side price action, so even though Buyers are in Control, I'm expecting opportunities on both sides (Long and Short). We'll be using 1333.25 as the Micro Bull/Bear Line in Sand off the open to establish short-term directional bias. Overall, Buyers remain in Control and ES is set to open above Value.

5-min Chart with Support/Resistance Zones

View full size chart

No comments:

Post a Comment

At the minimum, please provide your name or Twitter handle when posting comments. Do not post as Anonymous. Comments that contain links to commercial websites will be marked as spam.