E-Mini S&P 500 Futures
ES rallied almost 10 points last night on China reporting 11.1% GDP, but the buying shut off 2 ticks ahead of the 1099 Resistance Level. It then pulled back to Wednesday's VPOC at 1087, and found Responsive Buyers there who pushed price back up. The financial sector was lacking upward momentum yesterday, but should be strong today on the back of JP Morgan's better than expected earnings report. I'd like to see the financial sector ETF (XLF) break above $15.00 this morning to confirm the upward momentum, along with participation from the tech sector (XLK). On a break above 1099, I'd expect a test of 1103.25. The Bull/Bear Line in Sand is at 1086.25; a break below that could shift short-term control to Sellers and we could get accelerated selling down to the low 1070s.
Econ Data
Producer Price Index at 7:30 AM (CT), Empire State Mfg Survey at 7:30 AM (CT), Jobless Claims at 7:30 AM (CT), Industrial Production at 8:15 AM (CT), Philadelphia Fed Survey at 9:00 AM (CT), and EIA Natural Gas Report at 9:30 AM (CT)
ES - Daily Chart with Volume Profile and Key Levels (click on image below to enlarge)
