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Thursday
Jan132011

Emini Futures Trading / SP 1300 In Focus

from the trading desk of CFRN

Retail traders leave your opinions at the door!  Next stop 1300

 On the economic front today we had a few things that rocked the boat.  Weekly Unemployment claims missed the mark, claims jumped +35,000 last week to the 445,000 level or a 2 month high.  The Producer Price Index or (PPI) reported an uptick in wholesale prices of 1.1% in December (no kidding???- heck my babysitter is asking for more money)Last night the BOE and ECB left rates unchanged as widely predicted and Bernanke at an FDIC forum says he sees lending to small business picking up this year.  Now that our minds are filled with this fundamental information, what does that mean and how do we use this to our advantage? 

Good, bad or ugly the SP EMINI is marching to a bullish tune.  Dips are shallow and being bought despite overbought levels and against a seasonal tendency for the market to go lower.  Maybe the seasonal will kick in later but not until the SP taps 1300-1305 or until every single short is “squeezed” out of the market.  –just my opinion

Before we move on let's all remove our hats and share a moment of silence for future generations.

Let’s get to the good stuff:

Technically, the SP EMINI is rejecting the 1282/1284 level. This level has been announced to our listeners as one of our Weekly Trading Zones and guest David William’s of Page trader as an important resistance point.  Few shorts against this level today have provided good opportunities but with a boost of good news tomorrow will plow through the triple top and open the door for the 1300 level.  The action on an hourly scale is in a congestion pattern,  this sideways trading has taken us out of overbought levels on the hourly’s and put the RSI and stochastic in a position to go higher.

So the game plans for tomorrow:

Look to buy dips around the 1278/1276 level with stops under 1269.00.  Look for the SP Emini to break the 1284.00 level and run into minor resistance at 1287/1288.  If the market penetrates our 1284.00 we should run some “stop losses” and weak shorts out of the game.  Aggressive traders could use a buy stop to go long@ 1284.00 on momentum to enter the market.  If you need help? Visit www.cfrn.net , Join our chat room, get precise entry levels and guess what it’s FREE!  Ill be there to help and offer commentary throughout the trading day. 

Stay Alert Stay Alive!

CFRN Staff Writers B. Schlichter / L. Burton / D. Reeves

 

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