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Thursday
Apr072011

Emini Futures Trading / Wheels On The Bus Go 'Round and 'Round

E-Mini S&P 500: Back and fill?

 The E-Mini S&P 500 has failed yet another day to breach $1337.75 in order to maintain its bullish tone! Today, the E-Mini S&P 500 may have been pressured by the earthquake in Japan. No major damage was reported, but the thought of any natural disaster escalating further, simply brings fear into the marketplace. It is not just one country in repair, it is the nuclear reactors and the global future of the earth with the aftermath. The European Central Bank was on course today as they initiated a rate hike of a quarter percent bringing interest rates to one and a quarter percent. This would have influenced the market more, but Jean Claude Trichet came out with a statement to suggest that the action may not be continuous. Our own Federal Government has made mention that they are on course and will probably not issue a rate hike this year.  Our Federal Government is now in a meeting to agree on a budget cuts and a  funding bill. A potential shutdown may have severe consequences to our economy and our daily lives. In 1995, the shutdown had foreign investors selling their bonds.  This would be very significant! 

Our Initial Jobless Claims today fell 10,000 to a seasonally adjusted 382,000.  This points to a gradual improvement in our economy. The Consumer Spending rose for the fifth straight month. The Federal Reserve noted the outstanding credit to be increased by $7.62 billion.

Friday, we look forward to the Wholesale Trade Report due out at 7:30 AM CST.

 

BETWEEN the LINES
This chart is an epic representation of how our Dynamic Support and Resistance indicator continually displays its primal urge to seek out and embrace that which is fixed, the WTZ. (think flight of the Bumblebee)

FYI- My wife just leaned over and said I should be fixed. If I don't show up at the open guys, will someone please call a doctor?

The math responsible for our Dynamic S/R is not even in the same neighborhood as the math that creates our Weekly Trading Zones. They don't even live in the same city, they barely speak the same language and would probably never be able to communicate properly without their translator - PRICE.

I said all that to say this -
"When Dynamic S/R lines up with Fixed S/R, you don't have to trade with it, but I dare you to trade against it."

 

Friday, what to expect! We are technically in buy mode, but need to break out of this expanding range! We anticipate this market to have an inside to lower day on Friday! Today’s range was $1335.25 - $1322.25. The market settled at $1328.50. Our comfort zone or point of control for this market appears to be $1329.00. Our anticipated potential range for tomorrow’s trading may be $1319.50  -  $1332.50.  The market stays bullish above $1319.00. The E-Mini S&P 500  is at the crossroads! If the volume was heavier, I would look for a potential Friday washout. 

 

Best regards,

Leslie Burton

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