Emini Futures Trading / Retracement Or Reversal?
January 20, 2011 at 10:15 PM Retracement or Reversal? We failed to penetrate the $1296.25 again in today’s session! The market double topped there two nights ago on the 5 minute chart. It was an inside to lower day today breaking through the low of $1277.00 to reach a low of $1267.00.
Today’s US Initial Jobless Claims fell by 37,000 reflecting that layoffs are down. US December Existing Home Sales rose 12.3 . Earnings reports were not as bright as shares of Freeport McMoran Copper and Gold (FCX.N) fell more than 4 and the S&P Materials Index (GSPM) declined 1.7 %.
President Hu is visiting the US and specifically Chicago, IL. The talks concerning the undervalued Yuan and some of the next steps for China will be instrumental in determining the direction of the US Dollar.
Tomorrow, we have no major economic reports on the wire.
Trade Between the Lines
;)
Game plan for Friday? The bulls will have to come in early to buy and overtake the potential selling action if the market continually fails to penetrate $1300.00 or more specifically $1296.25. This level is crucial for bulls to maintain control. It is also a vital technical key pivot point for the market to retain the low of $1275.00 as the chart formation may try for another high as long as it can retain that key level. If you’re having trouble trading the SP EMINI you’re not alone! Help is a mouse click away. We discuss charting, precise entry points, exit points and live commentary throughout the trading day. Live Charts, Live Trades, Live Questions and the Free Trial really is FREE.
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Best regards,
Leslie Burton
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