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


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

E-Mini S&P 500 Futures

After the Long Liquidation on Tuesday, I'll be looking to Short at the Resistance Areas. I'm anticipating additional selling when Europe opens. If we make new Lows, I'll look for Responsive Buying opportunities on first touch of the Strong Support Areas, but would like to be Short into those Areas. I'm anticipating a consolidation day with some downside range extension, where we make new Lows but then reverse into Tuesday's range. I'll be looking at the reversals into Tuesday's range as additional selling opportunities. If the Initial Support Area (1160.50-1162.50) holds, and we begin trading above 1167, I'll look for Responsive Buying opportunities with targets in the Resistance Areas above. I'm not expecting price to get to the 1138.50-1140.50 Strong Support Area, but that is a heavy Area of Support and an Area to keep in mind in the event that we continue selling in the coming days/weeks.

Econ Data

MBA Purchase Applications at 6:00 AM (CT), Challenger Job-Cut Report at 6:30 AM (CT), ADP Employment Report at 7:15 AM (CT), ISM Non-Mfg Index at 9:00 AM (CT), EIA Petroleum Status Report at 9:30 AM (CT).

 

ES - Daily Chart with Volume Profile and Key Levels

 

ES Daily Chart