E-Mini S&P 500 Futures
1086 held as Support in the overnight session and buyers are currently in control. Based on the overnight price action, ES should remain above the 1086-1088 Support Area if it's going to break above 1100. 1099 has served as a hard Resistance level in the past two trading sessions, and I anticipate price to break above it if we get back up there today. On an upside move, how many Resistance Areas we test depends on the day type and market strength -- I use the market internals to guage strength. If we break above the 1103.25 Resistance Zone, I am a Responsive Seller at the 1107.75-1109.75 Area on first touch. On the downside, I am a Responsive Buyer in the 1081.50-1083.50 Support Zone. The Bull/Bear Line in Sand is at 1081, and a break below that could lead to initiative selling. Today is also options expiration, which can lead to whipsaw moves.
Econ Data
Consumer Price Index at 7:30 AM (CT), Treasury International Capital at 8:00 AM (CT), and Consumer Sentiment at 8:55 AM (CT).
ES - Daily Chart with Volume Profile and Key Levels (click on image below to enlarge)
