Saturday, February 11, 2012

E-Mini S&P 500 Futures Trade Plan & Chart for Friday 02/10

Today's Trade Plan
Yesterday's Review/Analysis post mentioned that we were seeing signs of short-term exhaustion, and price remained below the 1349-1351 Bull/Bear Zone and tagged each of the Support Zones mentioned in the Overnight Session Notes, with Responsive Buyers active on first test of each Zone. Heading into the day session, we'll be using 1335-1336.50 as the Micro Bull/Bear Zone to establish directional bias. Holding above this area will open the door to test 1339-1341 Pre-Market Resistance and 1344.50-1346.50 Initial Resistance, with potential for tagging the gap fill at 1348.25 and the previous VPOC at 1349 as an extreme. A break and hold below 1335-1336.50 would indicate Initiative Sellers active in the market, and bring the 1328.50-1330.50 Initial Support Zone into play as a target. Below that, we have Support at 1326.50 and 1322.50-1324.50. Bigger picture, Buyers remain in Control above 1320 -- Responsive Buyers could shut off the Selling at any of those Support Zones, and then push ES back up to test 1335-1336.50 and 1339-1341. The primary economic catalyst this morning is Consumer Sentiment at 8:55 AM (CT). ES is set to open below Value.

5-min Chart with Support/Resistance Zones

View full size chart

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