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« Emini FuturesCast / The Daily Pod 04/27/11 | Main | Emini FuturesCast / The Daily Pod 04/026/11 »

Emini Futures Trading / Oh Snap!

E-Mini S&P 500: Beware the rubber band!

The E-Mini S&P 500 extended yet another day on Federal Chairman Ben Bernanke’s words of continued support today! He suggested that the moderate pace of the recovery with the light inflationary concerns was still on target. The $600 billion dollar bond-buying program will expire June 30, but the money should be reinvested again perhaps. The “extended period” is still in place and with the US Federal Government support, the rally ensued in the E-Mini S&P 500. The US Federal Government is aware of the warning from Standard & Poor’s potential downgrade, but is modestly optimistic with the long-term plan and potential progress. In the midst of some fairly positive earnings reports, up seemed like the only way to go. General Electric rose 3.2%  to $20.75.  Boeing Co. rose 0.8% to $76.17. Whirlpool rose 0.3% to $88.14.  About 220 companies of the S&P 500 reported earnings of which 73% were above expectations. We anticipate further progress in the earnings reports, but note that some business may slacken due to Japan’s earthquake as motor vehicle parts may be manufactured there and the Middle East crisis with the rise in Crude Oil prices may cut some of the potential profits. With these factors accounted for, we still have a productive earnings season, supported by our US Government. The market did overextend in yesterday’s and today’s trading, so a pullback would be in order. The direction for the next couple of months may be bullish, but tomorrow may give us pause.  Volume is still on the light side.

Thursday,  we look forward to GDP and Initial Jobless Claims at 7:30 AM CST.  


Let's look at those smaller time frames tonight...

ES / 10 minute chart

YM / 10 minute chart

ES / 1 minute chart

YM / 1 minute chart

Soybeans / 6 tick range chart

All Markets / All Time Frames - TAKE THE FREE TRIAL!


Thursday, what to expect!  We are technically in buy mode on the Daily Chart. The E-Mini S&P 500 has accelerated its break-out further prompted by the Federal Committee Chairman keeping the “extended period” and an accommodative monetary policy. Thursday, we look for an inside to lower day! The market is a bit like a rubber band – when it over extends, it may snap back. Today’s range was $1354.25 - $1340.25. The market settled at $1351.00. Our comfort zone or point of control for this market appears to be $1344.75. Our anticipated range for Thursday’s trading is $1354.25  -  $1330.00. The market stays bullish above $1330.00.     

Leslie Burton

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