ES broke out above 1103.25 yesterday so consolidation at these levels was anticipated today (11/17) - No surprises! The 1,100 level gained some strength as support today, but I'm still skeptical on it until price moves above 1112.25. Seeing confluence of support in the 1096.50-1098.75 area now though, and expecting that area to hold on first touch (good place to scale out of shorts and/or enter a low risk Long trade if price gets there). Near-term support at 1105, then 1100. Seeing a confluence of resistance in the 1111.50-1112.50 area and anticipating price to pause there on first touch (good place to scale out of Longs and/or enter a low risk short). Beyond that, we have 1114.50 and then 1118. 1122 is the 50% retracement of the entire down move from 1590s, so a lot of people will be watching that level.
Consumer Price Index and Housing Starts data out at 7:30 am (cst) in the morning. Anticipating range expansion tomorrow.
ES - 5 Min Chart from Tuesday 11/17/09
ES - Daily Bar Chart with Volume Profile and Key Levels
Crude
CL - Daily Bar Chart with Volume Profile and Key Levels
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