#eMini Trading Levels

10:39 am EDT:  The ES did not fill the gap (also the day-session-only pivot) per the preferred early trade.  On New Home Sales at 10:00 am, it hit the upper end of the projected daily range (actual high 1115.75) and sold off sharply 4 points, only to retest that high.   We mentioned VWAP serving as strong overnight support, and it has been the focal point during the day session as well.  This is not surprising as program trading is dominating the action with humans largely absent this week.  Accordingly, if the ES trades below VWAP then uses it as resistance, there is a chance to still see the gap fill.  Otherwise, if the ES cannot trade under it, there is a chance to see new highs, with 1118.25 (day-session-only R2) and the high on the continuous futures chart (11119.00) as a target.

Comments are closed


 

Disclaimer: The information presented on this site is for educational purposes only. No personal trade recommendations are being made hereby. Trading futures is highly risky and you can lose a substantial amount of money. Past performance is not necessarily indicative of future results.

__________________________________________________________

Copyright © 2009 The Precision Report