Today I am watching the 1396.25 level. The Es had broken thru to a high of 1400.25 and now is retesting this support for today. If it breaks a nice short could be had imo. If it holds watch 1406.50 to the upside.Questions? www.wallstwiz.com
08-13-2012 The S&P Sept ES Futures Contract closed at 1402.75 Friday. The pre-market and globex Es came back and tested that area this morning. Watching the 1403.00 area this morning for resistance and more positive than not as long as it stays above our Bull/Bear line for today of 1399.00. If that breaks watch for 1390.00 then 1376.00 as a possibility to the downside.
08-14-2012 The S&P ES Sept Futures contract has risen to 1409.50 after this mornings economic reports came in stronger than expected, so for what ever reason the futures have popped to 1409.50 area. Does this mean QE3 is not needed....hum???. I'm not sure, but if that is the case or at least fodder to the money thieves, would not the market decline from this advance of the last few weeks on the backs of that thought and logic? This area just might be the high of the week and until proven otherwise, that's where I'm at and what the markets are telling me. www.wallstwiz.com
PS: If the 1409.50 area does not hold I will be looking for a high for the week this Tuesday morning.. sorry for the hedge :-D
08-15-2012 The S&P ES Emini Sept 2012 Contract found support overnight in the 1397.00 area, which it had tested 3x. Todays Bull/Bear line is 1400.00 so will be watching to see how the ES reacts to this level..If it breaks higher I will be watching 1402.50 the first Action/Reaction area to the upside and 1393.50 the first Action/Reaction area to the down side.
08-16-2012 The S&P ES Emini September Futures Contract challenged my target for yesterday afternoon (1405.00-1407.00) several times during the course of the afternoon and into the globex overnight. This mornings economic numbers didn't move the market either way, only to retest, but not breach the 1407.75 area. So going forward for today still looking at the ES from the perspective of Tuesday August 14th was going to be the high for the week going forward, but I do wished that we would have broken the 1407.75 by a few ticks before pulling back this morning .. but sometimes cant always get what you want... but if you try..you get what you need... like Mick! Watching the BB line today of 1402.75 and if that breaks next would be 1397.75 and if the force be with you 1382.00 below that. Going bull and 1402.75 holding watch for a retest of the 1407.75 area then if that does not hold 1423.00 after that.
08-17-2012 The S&P ES Emini September Futures Contract rose slightly overnight not doing much of anything going into option expiration Friday until 1 minute before the cash open and popped to 1416.50 area, a 6pt move from the 8:00 am est period, which was the largest move overnight. It did break higher yesterday above Tuesdays high that I was watching, but I still feel like this overbought condition is in need of a serious pullback. I will be watching out for volatility, with today being expiration with the Bull/Bear line at 1410.25 and the first Action Reaction level at 1414.75 then 1422.75 above and 1406.75 then 1385.00 below.