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Monday
Mar072011

Emini Futures Trading / Pennant Formation

E-Mini S&P 500 pulled off its highs by Crude Oil and Tech Stocks?

The E-Mini S&P 500 appears to be in a pennant formation or consolidation zone.  The prices of Crude Oil still control the marketplace as Maummar Gaddafi has not stepped down and the turmoil between the Loyalists and the Rebels still persist.  The market technically could use a retracement, but the bears seem quite cautious to sell this market.  We have had some underlying strength to support it.  Recovery was gradually making its way through varied reports and sectors.  The QE is in place to catch us if we fall.  President Obama had mentioned that he may release some Crude Oil reserves.  Saudi Arabia offered to pick up their output.  It may not just be the potential loss of the black gold.  The fears of other countries and further unrest stimulate the safe-haven products such as gold and silver.  The Crude Oil drags on the Stock Indices with an inverse relationship.  The Technology Stocks had also weighed on the E-Mini S&P 500 today!   This double whammy seemed too much for the market to shrug off.  The market started off this morning at $1327.25 and by 12:10, we were putting in the lows of $1302.25.  We finished the session trading a bit sideways settling at $1309.00.   

The Consumer Spending report today was in an uptrend rising $5.01 billion.

Tomorrow, Tuesday, there are no major economic reports due out!

Tuesday, what to expect!   Today’s negative sentiment on the market with both the Crude Oil and the Tech Stocks had brought the E-Mini S&P500 down to almost $1300.00.  Without any major reports, we will be looking for any indications of market sentiment  tomorrow morning.  The market may set-up to look like a sell in the morning and dip just below $1300.00 to tease us and flip in the afternoon with bargain hunters.   This pennant formation on the Daily Chart would certainly have me ready for a break-out strategy or just the next potential leg up.  Yes, we may dip lower.  We simply wait and look for support.  As day-traders, the set-ups may be both ways.     The high today had been $1327.25 and the low $1302.75.  We settled at $1309.00.  Our comfort zone or point of control for this market appears to be $1313.75.   The official game changer is the slip below $1296.00.  We remain bullish as long as we stay above this level.  To continue a bull run, this market needs to break out above the previous $1342.50.  $1344.50 is our potential predicted high while $1298.00 is our potential low for Tuesday.  Intra-day predictive set-ups act as a pathfinder to our members and individuals looking for disciple and structure added to their trading.   

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"When things go wrong as they sometimes will;
When the road you're trudging seems all uphill;
When the funds are low, and the debts are high
And you want to smile, but have to sigh;
When care is pressing you down a bit-
Rest if you must, but do not quit.
Success is failure turned inside out;
The silver tint of the clouds of doubt;
And you can never tell how close you are
It may be near when it seems so far;
So stick to the fight when you're hardest hit-
It's when things go wrong that you must not quit."

~ Unknown

 

Best regards,

 

Leslie Burton

Senior Market Strategist

 

Between the Lines

Friday afternoon on the hour Dynamic Support printed @ 1311.25. This morning before the bell Dynamic Resistance printed @ 1326.25. This afternoon Dynamic Support printed @ 1304.00. Here's the rub, price was at 1307.25 on the print. Hmmm... how would you have traded that?


1311.25 + (a) = 1326.25 - (b) = 1307.25 + © = 1314.00 (current price on Globex)

1314 was the Sunday night Globex low and the Monday afternoon high.

Here we are again...

Join us tomorrow morning for coffee and charts...

 

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