My views on trading the E-Mini S&P 500 Futures utilizing Price Action, Market Structure, Volume/Market Profile and the Auction Market Process. Visit www.EMiniPlayer.net for Daily Key Support/Resistance Levels, Trade Plan and Live Futures Trading Education Room.
Tuesday, April 24, 2012
E-Mini S&P 500 Futures Chart for Tuesday 04/24/2012
From today's EMiniPlayer.netTrade Plan: Overnight, Responsive Sellers were active at 1369 and we got a test of
the 1360.75-1362.75 overnight support. Heading into the day session, we
have Pre-Market Support at 1360.75-1362.75 (Previous Close 1362.75),
followed by Initial Support at 1355-1357 (Previous VPOC 1356.75). We'll
also be using 1355-1357 as the Bull/Bear Zone to establish directional
bias. Holding above 1355-1357 would indicate the market Balancing within
a range ahead of tomorrow's FOMC Announcement...On the upside, holding above 1362.75 would indicate aggressive Buyers
and bring the Open Gaps at 1372.50 and 1375.25 into play. In the event
of an upside move, I anticipate the Buying to shut off by
1374.75-1375.25. We have several econ reports out at 9:00 AM (CT) --
expecting range-bound price action during the first 30 minutes.