E-Mini Player | Tuesday 10/05/2010 - E-Mini S&P 500 Futures Key Levels and Trade Plan - EMini Futures Trading


Tuesday 10/05/2010 - E-Mini S&P 500 Futures Key Levels and Trade Plan

E-Mini S&P 500 Futures

Not many people, including myself, expected this strong of an up move in the O/N session. Looks like this move is driven by a weaker dollar. My expectation for today was for the market to balance, and from a trade location perspective, initiating Longs up here is risky, so I'll either be looking to buy on a pullback or will be looking for Shorting opportunities at Resistance. Some targets below include the open gap at 1134.75, and yesterday's VPOC at 1131. The primary target above is 1150.25. The focus today will be on being cautious. I'd rather miss out on some profits today than jump in too late, and have the market go the other way.

Econ Data

Redbook at 7:55 AM (CT) and ISM Non-Mfg Index at 9:00 AM (CT)

 

ES - Daily Chart with Volume Profile and Key Levels (click on image below to enlarge)