E-Mini Player | Wed. 07/14/2010 - E-Mini S&P 500 Futures Key Levels and Trade Plan - EMini Futures Trading


Wed. 07/14/2010 - E-Mini S&P 500 Futures Key Levels and Trade Plan

E-Mini S&P 500 Futures

The 1099 Resistance Level capped the upside in the overnight session, with ES pulling back and finding support at 1091.25 (yesterday's VPOC). I am expecting profit-taking in the 1099-1119 Area, and will be cautious initiating Longs in that range. I will be looking for Responsive Selling opportunities at the Resistance Zones above. A break below 1084 could lead to accelerated selling down to the open gap at 1076.50. We're working within the context of short-term bullish sentiment supported by stronger than expected corporate earnings, so I will tighten up my targets on the Shorts as well since I anticipate dip buyers (responsive buyers) to be active as price pulls back into the support zones.

Econ Data

MBA Purchase Applications at 6:00 AM (CT), Retail Sales and Import and Export Prices at 7:30 AM (CT), Business Inventories at 9:00 AM (CT), EIA Petroleum Status Report at 9:30 AM (CT), 30-Yr Bond Auction at 12:00 PM (CT), and FOMC Minutes at 1:00 PM (CT)

 

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