Emini traders need to watch this key level

face=Arial size=2 color=”#0000FF”>The post-FOMC session was a complete reversal of the
afternoon trend. Stubborn shorts who hoped for continuation from Tuesday’s drop
were the liquidity for buyers who saw clear long signals and rode them up their
charts.


S&P 500 futures opened weak but soon went
bullish on a break & close above the pivot point. From there is way buy-side
bias all the way… absolutely no sell signals other than the scalpers trying to
pick off two points here & there. The afternoon stretch was one sideways
roll as sellers were met with mutual-fund money keeping those expected,
artificial props in place.





Russell 2000 futures went vertical on three
distinct buy program slams. In between it was sideways consolidation, with the
small cap lovefest continuing to new all-time highs once more.




S&Ps posted an inside session from the previous
day, no change in outlook or trend bias… which remains sideways and at
rest.




Small Caps 2000 went straight upward in very spiky
fashion. Each thrust higher came on sudden buy programs as they often do. Expect
that action in this hot-money index to persist until next Monday, at
least.




Summation
Two
days left for this month and quarter. Yesterday was no surprise, and it once
again proved that the big-money players who make the market itself can wrest the
reins any time they see fit. As Kevin Haggerty has aptly taught us for years:
when the generals want to move the market, the market moves as directed. Expect
the same thing to persist thru the end of Friday. Mondays following end-quarter
sessions tend to be a bit wild, so watch out for next week!


color=#000080 size=2>Trade To Win

face=”Arial” color=#000066 size=2>Austin P

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Austin Passamonte is a full-time
professional trader who specializes in E-mini stock index futures, equity
options and commodity markets.

Mr. Passamonte’s trading approach uses proprietary chart patterns found on an
intraday basis. Austin trades privately in the Finger Lakes region of New York.