Monday, April 30, 2012

E-Mini S&P 500 Futures Chart for Monday 04/30/2012

From today's Trade Plan: Responsive Sellers were active in the overnight session, and ES pulled back to test the 1394-1395 Micro Bull/Bear Zone, where Responsive Buyers were active on first test. Heading into the day session, we'll continue using 1394-1395 as the Micro Bull/Bear Zone to establish directional bias. Holding above that area would bring the previous VPOC at 1398, and previous Close at 1398.50 into play...On the downside, a break and hold below 1394 would bring 1387.75-1389.75 Initial Support into play as a downside target...The primary catalyst this morning is Chicago PMI at 8:45 AM (released to Chicago PMI subscribers at 8:42 AM CT). Use the Opening Range at 1394-1395 to establish short-term bias.

5-min Chart with Support/Resistance Zones

View full size chart

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