Tuesday, February 7, 2012

E-Mini S&P 500 Futures Trade Plan & Chart for Tuesday 02/07

Today's EMiniPlayer.net Trade Plan
Overnight, the failure at 1337.25-1339.25 resulted in a test of the 1333.25 level, where Responsive Buyers were active and shut off the Selling. Heading into the day, we'll be using 1337.25-1339.25 as the Micro Bull/Bear Zone to establish short-term directional bias. On a break & hold above 1339.25, I expect a test of 1341-1343, with 1349-1351 capping the upside. 1341-1343 is an important Resistance Zone, and failure/rejection here, followed by a break and hold below 1339.25 could result in a short-term reversal to the downside. Below 1337.25-1339.25, we have Pre-Market Support at 1333.25, Initial Support at 1328.50-1330.50, 1326.50 Support, and finally the 1322.50-1324.50 Support Zone, where I expect Selling to shut off. The primary economic catalyst today is Consumer Credit at 2:00 PM (CT). Bigger picture, Buyers remain in Control above 1320 but short-term directional bias will be based on how price reacts at 1337.25-1339.25 -- short-term, Sellers hold Control below that price zone. We could get continued Balance, with a wider Value Area where Responsive Sellers are active above yesterday's range and Responsive Buyers are active below it.

5-min Chart with EMiniPlayer.net Support/Resistance Zones

View full size chart

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