E-Mini S&P 500 Futures
With yesterday being a narrow-range inside day, the Key S/R Zones haven't really changed much. The primary catalyst this morning is the Jobless Claims # at 7:30 AM (CT). A worse than expected # could easily send ES down to test the 1147-1148 Area. The expectation for today is for ES to test the Support/Resistance Zones and then balance. The next main catalyst is the Non-Farm Payroll report out tomorrow at 7:30 AM (CT). I'm anticipating balancing because I don't expect the Buyers or Sellers to press ahead of the NFP report. We typically see choppy/range-bound price action in the morning followed by a more trending move in the afternoon on days preceding NFP. We also have the Consumer Credit # out at 2:00 PM (CT). On the downside, I anticipate the Selling to shut off ahead of 1142. On the upside, I anticipate the Buying to shut off by 1168-1169. I'll be looking for Shorting opportunities at the Resistance Zones above, with targets at 1160, and 1155-1156. For any Longs taken below 1150, the initial target will be the 1150 area followed by 1153-1155.
Econ Data
Jobless Claims at 7:30 AM (CT), EIA Natural Gas Report at 9:30 AM (CT), and Consumer Credit at 2:00 PM (CT)
ES - Daily Chart with Volume Profile and Key Levels (click on image below to enlarge)
