Owner: Trade The Futures URL:http://tradethefutures.blogspot.com Join Date: Mon, 03 Dec 2007 00:21:53 -0600 Rating:0 Site Description: Day trading site focusing on the S&P500 Emini. Support and resistance/trading levels tips. Site statistics:Click here
Strong Short Covering Rally. Could This Mean a Near Term Bottom at Hand? 2008-03-04 23:46:00 With a strong short covering rally into the close and a breach of support at 1317, logic says we should trade down to test today’s low and try to form a near term bottom before attempting to challenge near term resistance levels at/near 1331 and/or 1341. If the low is broken the 1297-1300 area would be the next good support level. With the weak selling attempt today it seems unlikely that we Read more:Rally
, Strong
, Short
, Bottom
Market Still Searching for Direction 2008-03-04 00:24:21 Nothing overly exciting about today’s trading, but on a positive note selling pressure noticeably backed off at/near 1320 and we saw some buyers enter the market there. The market also managed to rally into the close. If the support level at/around 1317 is broken this would take us back into the range made during the Feds early intervention back in January. If this happens it would show a Read more:Market
, Direction
S&P Recap and Trade Signals 2008-03-03 00:33:06 The S&P broke to the upside early in the week, once again taking out resistance at/near 1370 but was unable to follow through on the gains made on Monday and Tuesday to reach the next resistance level at/near 1393. The high was made on Wednesday then after a brief consolidation period we headed lower Thursday followed by a good trend day on Friday. This signifies a definite failure of the Read more:Recap
, Trade
, Signals
Friday’s Trade Ideas, Support and Resistance 2008-02-29 06:33:51 If we can’t get over Thursday close today this would show a lack of buying interest and could bring on a sell response. More importantly that would be a signal that there’s no interest to bring price up to 1393. If this happens the market should consolidate again or even trade below the next level of support at 1351 on its way down to test the lows it was heading for last week. It’s possible Read more:Trade
, Friday
, Support
, Resistance
Support and Resistance and Trade Levels for Thursday 2008-02-27 23:35:59 Today’s economic environment doesn’t seem favorable for higher prices. The market seems to be having trouble trading higher with the consolidation at/near the highs even though there seems to be no large block of supply there, but more a lack of buying interest. A break of 1363 would take us back into the prior trading range causing the move above 1371 to be looked at as range expansion and Read more:Trade
, Support
, Resistance
, Thursday
Breakout on High Volume 2008-02-26 23:56:23 Today we broke out of the high end of the trading range on statistically high volume despite several reasons to sell. The market fell just short of resistance at 1393 as buying interest seemed to dry up, not until the second attempt at the daily highs did initiated selling enter the market at/near the 1385-1386 area. From there it sold down until buyers reentered the market at/near 1376-1379. Read more:Breakout
, Volume
Economic Data and Trade Levels for Tuesday 2008-02-26 01:09:43 Before the open at 7:30 am central time PPI will be released and just after the open at 9:00 am central time Consumer Confidence will be released. Companies that will be releasing their earnings reports before the open are: Home Depot, Target and Auto Zone. Also of interest today is Federal Reserve Governor Kohn who will be speaking on the economy at 11:15 am central time.
My pivot for today Read more:Trade
, Economic
, Tuesday
Market Remains Range Bound 2008-02-25 01:48:00 The markets are still trading in a range from about 1320 to 1400. Whichever level the market decides to break should be honored as the move should be considerable and decisive. It’s getting more and more difficult to pick levels where the market may stop except at the extremes of the range. When locked in a range like this, traders can get very nervous and thus cover their positions quickly. Read more:Market
, Remains
, Range
, Bound
Friday’s Support and Resistance Levels for the Emini 2008-02-22 00:50:14 There are no numbers, events, or speakers on Friday
’s agenda and the biggest names on the earnings front are: PG&E and Huntsman. The market still seems to be stuck in the same range for over a week now and with no catalyst on the schedule tomorrow it’s quit possible we could be stuck for another day, but we can always hope. Thursday’s trade saw some initiated selling enter the market at/near Read more:Support
, Resistance
Support and Resistance and Trading Levels for Thursday 2008-02-21 01:25:55 The market is still consolidating and can’t seem to attract the attention of either buyers or sellers each time it gets to the ranges extremes. The market seems to need some sort of catalyst to project us out of this, which I thought the release of the FOMC minutes or today’s CPI number could have been it. The main data being released tomorrow is the Weekly Jobless Claims report at 7:30 am Read more:Trading
, Support
, Resistance
, Thursday
Market Review and Support and Resistance Levels for Wednesday 2008-02-20 00:49:44 The market has been trading in a range between about 1320 and 1360 lately with the majority of the trading being very two-sided and thus is starting to make it difficult to determine support and resistance levels in this range. During today’s trading a minor near term support area formed between 1346 and 1350, the middle of the range was two-sided trading and resistance formed up at the top from Read more:Market
, Support
, Resistance
, Wednesday
Tuesday’s Trading Levels 2008-02-19 00:19:15 The main focus for traders Tuesday
will be Wal-Mart’s Earnings report which will be released before the open. Also today at 9:00 A.M. central time the State Street Investor Confidence Index will be released and at 12:00 P.M. central time the Housing Market Index will be released. The Housing Market Index is already in a deep hole. Deeper readings could mean greater trouble for Wednesdays Read more:Trading
U.S. Holiday 2008-02-17 22:02:58 Today is Presidents day and the Emini will close at 10:30 A.M. Central Time. Because of the holiday I will not be trading but, I will be back Tuesday. Read more:Holiday
Market Recap and Friday's Trade Levels 2008-02-15 00:54:20 Today the market tested support at 1351 and when no new buying entered the market they were able to sell through this and make a lower low. The market also tested the 1361 area (which was the point of initiated buying from yesterday) and when it broke this indicated a structural break down. If buyers wanted to auction the market back higher they would have entered here. This area was tested a Read more:Recap
, Market
, Trade
, Friday
Market Trades Higher for Third Consecutive Day 2008-02-14 00:40:49 Today saw the third consecutive higher close for the market. For this to continue support needs to hold at 1 of 2 places, either at/around 1351 or at today’s low. If one of these levels holds a continuation up towards the 1398-1400 area is likely. If initiated selling comes in at/around 1357 this would be the first sign of weakness and should cause us to sell down to one or both of the above Read more:Market
, Higher
Back to Normal Tomorrow 2008-02-13 10:36:54 Sorry, but I was out of town last night and nowhere near my charts so I was unable to do my research. I am back now and things will be back to normal. Read more:Normal
Markets Trading at Equilibrium 2008-02-11 23:55:23 The market has been forming a five day consolidation pattern with good supply overhead between 1359-1363.50 and has formed a near-term bottom at/around 1317. However, the formation of this near-term bottom doesn’t necessarily mean that we will rally. The first time we hit the 1359-1363.50 supply level responsive selling is likely and a second test of support at/around the 1317-1323 area is Read more:Trading
, Markets
Markets Trading at Equilibrium 2008-02-11 23:45:37 The market has been forming a five day consolidation pattern with good supply overhead between 1359-1363.50 and has formed a near-term bottom at/around 1317. However, the formation of this near-term bottom doesn’t necessarily mean that we will rally. The first time we hit the 1359-1363.50 supply level responsive selling is likely and a second test of support at/around the 1317-1323 area is Read more:Trading
, Markets
Monday’s Markets Trade Signals 2008-02-11 01:50:46 Not much is happening Monday
in the way of economic data, events or earnings reports, the biggest names being Hasbro and W.R. Berkley. I will be looking at/around 1317 for a potential short-term bottom, if we can stay above this area a rally to 1359 could be likely early in the week, however a break of this area with strong enough selling pressure to push the market down another 12-14 points Read more:Trade
, Signals
, Markets
Strong Buyers in the Market 2008-02-08 00:25:17 When the market traded down around the lows made on 1/28 today it saw responsive buying there creating a potential near term bottom. This area also coincided with the highs of a consolidation area back from August/September of 2006 and was also near the .618 retracement level at or around 1310. Late in the day today we had a good push up from yesterday’s close and saw decent buying into today’ Read more:Market
, Strong
, Buyers
Is the subprime Crisis nearing an end? 2008-03-14 00:51:24 Standard and Poor’s said today that they feel that the bulk of the subprime pill has already been swallowed and “the end of write-downs is now in sight for large financial institutions.” However, they still believe this will be offset by worsening problems in the real estate market and other segments of the credit markets. The main areas of focus for me today are the 1324-1326 level to see if Read more:Crisis
“Rollover” Thursday 2008-03-12 22:47:33 Most charting programs will rollover to the new contract (June) on Thursday
’s open, however it works better for me if I wait until Friday before I change from March to June. In my opinion, Friday is when the majority of the volume switches to the June contract. With my charting package, it can be a big hassle at times because when I shift timeframes it will also shift from the old contract to
Monday’s Trade Signals 2008-03-17 02:17:46 We’ve suffered a major loss in our family recently, but I am trying to stick with work and keep getting the numbers out. If for some reason, I miss a day I am very sorry and I will post again as soon as possible.
My pivot for today is the 1299-1302.50 area. Above the pivot, my close range targets are 1305 and 1308 with my longer-range targets being 1315, 1322, and 1328. Below the pivot, my close Read more:Monday
, Trade
, Signals
Market Accepting Feds Action For Now. 2008-03-19 06:48:41 With the strong close yesterday, the market is accepting the Feds action for now, but most of the afternoon rally was short covering so a small pullback could happen early. If we see more buying early and the market can get through some pretty good resistance at/near the 1341 area I would expect it to exhaust itself around the 1351 level. At this point, I would expect a pullback until the market Read more:Market
, Action
Fed day today 2008-03-18 07:07:57 Everyone out there is expecting a 75 basis point cut today but there are quite a few people out there looking for a 100 basis point cut. Bloomberg is one of the people expecting a 100 basis point cut. I don’t expect much to happen today pre-announcement but Housing Starts, PPI, and the State Street Investor Index Numbers could attract some attention. Generally Fed days tend to drift a little
Quadruple Witching. 2008-03-20 06:47:29 Today is the final trading day of the week, so that makes today quadruple witching (expiration) instead of Friday. My pivot for today is the 1312-1315 area. Above this, my close-range targets are 1318 and 1322 with my longer-range targets being 1328, 1334 and 1340. Below the pivot, my close-range targets are 1307 and 1303 with my longer-range targets being 1297, 1291 and 1285. Some support and Read more:Witching
Market Starts Week off on Positive Note 2008-03-25 00:11:04 The market took a positive stance today on news that JP Morgan Chase increased its offer for Bear Stearns from $2.00 to $10.00 and the Existing Home Sales Report. As long as we remain above the 1350 area, the market should remain bullish. Under this, a move down to 1338 or even a re-test of Monday’s low could be possible. Not much in the way of news today, however that will change later in the Read more:Market
, Positive
Monday’s Trade Signals. 2008-03-24 06:49:57 My pivot for today is the 1312-1315 area. Above this, my close-range targets are 1319 and 1324 with my longer-range targets being 1331, 1339 and 1347. Below the pivot, my close-range targets are 1307 and 1303 with my longer-range targets being 1296, 1289 and 1283. Some support and resistance levels for today are 1281-1283, 1305-1307, 1323-1327, 1339-1344, 1350-1351, and 1360-1363. Read more:Monday
, Trade
, Signals
Thursday’s Support, Resistance, and Trade Levels. 2008-03-27 06:42:38 Trading was uneventful yesterday with a small selloff into the close. Hopefully today GNP number will be what the market needs to attract investors. My pivot for today is the 1339-1342 area. Above this, my close-range targets are 1345 and 1347.50 with my longer-range targets being 1357, 1363 and 1369. Below the pivot, my close-range targets are 1335, and 1332.50 with my longer-range targets Read more:Thursday
, Support
, Resistance
, Trade
Low Volume Up Day. 2008-03-26 06:42:03 Lately there has not been a lot of participation from long-term investors; they seem to be waiting for the release of the GDP report on Thursday. With buying days being done on less volume than the selling days and with Tuesdays close at the mean (bearish sign), this suggests that traders are not willing to stay long this market longer term and seem to be closing their positions daily. My pivot Read more:Volume
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