Wednesday, May 2, 2012

E-Mini S&P 500 Futures Chart for Wed. 05/02/2012

From today's Trade Plan: Sellers were active overnight and pushed ES down to yesterday's Bull/Bear Zone, where Responsive Buyers were active. Heading into the day session, wse have Pre-Market Resistance at 1396.50-1398.50; we'll also be using that areas as the Micro Bull/Bear Zone to establish short-term directional bias. A break and hold above 1396.50-1398.50 would bring the previous Close at 1400.50 and the 1402-1404 Initial Resistance Zone into play. On the downside, holding below 1396.50-1398.50 could lead to a test of 1386.75-1388.75...ES is set to open below Value; use the Opening Range and 1396.50-1398.50 to establish immediate bias off the open.

 5-min Chart with Support/Resistance Zones

 View full size chart

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