The S&P 500 Index added 6.27 points, or 0.5%, to close the day at 1,319.99 After a 74 point climb followed by a 50 point drop, the Dow Jones Industrial Average ended up 32 points to close at 12,534.6. The Nasdaq Composite rose 17.90 points and the only thing we can find to blame the bullishness on is this -
S&P/Case-Shiller data showed U.S. home prices rose 1.3% in April, their first monthly gain since last autumn.
Consider today's bounce as just that and trade accordingly.
S&P 500 Emini Futures
CFRN Partners were reminded once again today that our Weekly Trading Zones do an admirable job of defining Major Support and Resistance days ahead of time. This week our 1305/1306 Weekly Zone has held as support thus far, and today we ran up to 1317/1318 where the market halted its advance and has reversed so far on the Globex session back down to 1312.25.
On today's Live Emini Broadcast we alerted our listeners to be on the lookout for for a break above 1314 to lead us to the next higher Weekly Zone and it came together quite nicely.
(ES) Emini Futures 06/26/12
EMINI WEEKLY TRADING ZONES
CFRN Partners receive the Weekly Trading Zones before the markets open every Monday morning. We currently publish Trading Zones for the S&P 500 Emini Futures, Dow Futures, Euro Futures and the Russell. In general, these are "areas" where we expect the market to consolidate and make a decision. The outcome is always rejection or acceptance. Either way, price then begins its journey to the next Zone. Today's activity might look unusual but if you reference our historical charts, the real exception to the rule is "when price does not move zone to zone".
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