Tuesday 03/23/2010 - E-Mini S&P 500 Futures Review/Analysis

In last night's post I wrote, "Given the recent strength, I'm anticipating either consolidation or break-out to the upside." -- and we got both today: consolidation followed by a break-out to new yearly highs. The morning consolidation chop was very boring to trade, so kudos to you if you sat through it and were able to take advantage of the late afternoon break-out. Looking at the 1-Minute ES/NYSE-TICK chart, we got positive divergences a few minutes prior to the break-out. We also got positive delta 10 minutes prior to the break-out, with very little selling interest in the 1164.25-1164.75 area. 1170-1170.50 is near-term resistance now. A test of the 1163-1165 wouldn't surprise me. I'm also expecting rotation in the 1170-1180 area; a breakout above that could get us to 1200s in a hurry.

ES 5-Minute Chart


ES Day Session Volume Profile Chart

E-Mini S&P 500 Futures