Thursday, February 9, 2012

E-Mini S&P 500 Futures Trade Plan & Chart for Thursday 02/09

Today's Trade Plan
Overnight, ES rejected the Bull/Bear Zone at 1339.25-1341.25 (overnight low = 1340.75), and tested the 1349-1351 Resistance Zone. Responsive Sellers were active there on first test and pushed ES to 1343, where Buyers entered and the next swing up took ES through the 1349-1351 Zone (stop-run there) -- prices above 1350.25 were quickly rejected. Heading into the day session, we have Resistance at 1349-1351 (2011 RTH High = 1350.25), followed by 1356-1356.50 (2011 Globex High = 1356.50). These are stronger areas of resistance, and it could take a few attempts to get through them -- this could result in some choppy price action, and calls for extra caution up here. On the downside, we have Initial Support at 1344.50-1346.50, and the Micro Bull/Bear Zone at 1339.25-1341.25, followed by the 1335-1336.25 Support Zone. Use the Opening Range and Opening Type to determine immediate bias off the open. ES is set to open above Value, which could attract Responsive Sellers.

5-min Chart with Support/Resistance Zones

View full size chart

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