#eMini trading levels

10:39 am EDT:  The daily gap/pivot area of 994.00 to 995.25 has not been respected and, though we have hit the first potential reversal area of 989.75 to 991.00, we are wary of fading long here with the early weakness, and would prefer to hold out for longs at the 984.00 to 986.25 area.  If however, we see a break of yesterday’s low of 991.00, the price does not move through 989.75 and there is a quick upward reaction off this area, we will jump in long.  If the price takes off from here without going down again, we will wait for a break of 996.25 and attempt to go long on a 50% retracement of the move off the low of 991.25.  If it shoots up without retracement, we will miss it.  We will not consider shorts until the 1004-1006 area is reached, and then only cautiously.

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