In the overnight session, ES held above the 1233.75 Support and tested the 1251 Resistance. Heading into the day, lets keep in mind that today is Veteran's day and the bond market as well as banks are closed, which could lead to a lower volume, range-bound Balanced session. ES is set to open above Value, and any push above the overnight high could attract Responsive Sellers. On the upside, we have Pre-Mkt Resistance at 1251-1253, and Initial Resistance at 1256.50-1258.50; expecting the Buying to shut off there. On the downside, the Selling could shut off by the 1235.75-1237.75 Support, with 1230-1232 being an extreme. This all assumes that we get a normal market, NOT driven by unexpected news out of Europe. The primary catalyst this morning is Consumer Sentiment at 8:55 AM (CT). Use the opening range, and the 1248.50-1249 Micro Bull/Bear Area to establish short-term directional bias and the Bull/Bear Line in Sand at 1260.50 to establish overall directional bias.
5-minute Chart with Support/Resistance Zones
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How did you get Tradestation to plot these support and resistance levels?
ReplyDeleteUsing the EMiniPlayer S/R Zones indicator. Details here: http://bit.ly/ik2lnt
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