E-Mini S&P 500 Futures
The 1159 area shut off the Buying in the O/N session, and price pulledback to 1150.50 which is the Acceptance Level (VPOC) from Tuesday. The primary catalyst this morning is the Non-Farm Payroll report out at 7:30 AM (CT). NFP typically results in a 15-20 point move in one direction followed by a 40-50% retracement, and then a second wave in the original direction. Knowing this, there are two ways to trade the #. Either you have to be quick enough to jump on the initial move, or you can wait for the 15-20 point move to reach a Support/Resistance Zone, and then take the other side for the 5-10 point retracement. A negative reaction could take ES down to the 1136-1138 Zone. We have an open gap at 1134.75 which could also serve as a magnet. 1130-1132 is a strong area of support, and I anticipate it to hold in pre-market. On the upside, we could get a move to the 1168-1169 Area, and I anticipate the Buying to shut off prior to the 1173-1175 Resistance Zone. You can check out posts from prior NFP days to get an idea on how price behaves on these days. Buyers have maintained control going into the number.
Econ Data
Employment Situation (NFP) at 7:30 AM (CT) and Wholesale Trade at 9:00 AM (CT)
ES - Daily Chart with Volume Profile and Key Levels (click on image below to enlarge)
