E-Mini S&P 500 Futures
Last week, we observed Responsive Buying when price moved below 1167.50 and Responsive Selling any time price tried moving above 1170, but the net effect was that we established value higher and ended the week at the highs. On Thursday, we saw acceptance in the 1173 area, and Friday's jobs data pushed the market up to 1178.75. The market would have probably tested the 1183 level if Friday weren't a holiday, so I'm anticipating a test of that area tomorrow. We're at a big resistance area here, and my game plan for tomorrow is to be a Responsive Buyer if price moves down into my Key Support Areas, and be a Responsive Seller if price moves up into my Key Resistance areas -- in other words, I will play the range game. Last week's high was 1178.75, which is only 2.25 points more than the prior week's high. That signals to me that we're running out of steam here, and unless we get some unexpected catalyst, we'll probably chop in the 1160-1190 range this week, or break down and head for the 1140-1150 area. Above 1180, I will be staying light on the Long side, and heavier on the Short side. Trade well!
Econ Data
ISM Non-Mfg Index and Pending Home Sales at 9:00 AM (CT).
ES - Daily Chart with Volume Profile and Key Levels
