E-Mini S&P 500 Futures
1114.75-1115.25 was identified as overnight resistance, and that area capped the Buying and began the move down to 1101.25. 1101.75 is last week's Low, and we have to watch for Responsive Buyers to be active at these lower prices. If there's a lack of Responsive Buyers, the target on a break below 1101.50 is the 1096-1098 area. We also have an open gap at 1098.25 and Responsive Buyers could be active in that area as well. 1090-1092 is a strong area of support below 1096 and I am a Responsive Buyer there. A break below the 1079-1081 Area would put Sellers in control. I'd be cautious on the Short side if price quickly moves above 1110.50 and continues to trade above it. A break above the 1119-1121 resistance area would confirm Buyers in control, and the target would be the open gap at 1025.50, followed by a test of 1029.50. We're still at an inflection point, and the immediate bias is Bearish. The primary catalyst this morning is the International Trade data out at 7:30 AM (CT) -- a slowdown in imports or exports would signal further weakness.
Econ Data
International Trade at 7:30 AM (CT), EIA Petroleum Status Report at 9:30 AM (CT), 10-Yr Note Auction at 12 PM (CT), and Treasury Budget at 1:00 PM (CT)
ES - Daily Chart with Volume Profile and Key Levels (click on image below to enlarge)
