Here are today’s key levels for emini traders
The first two sessions this week in the
emini markets have consisted of sideways congestion and chop. Following a very
active series of sessions just past, looks like a brief period of rest for the
tapes is upon us.
ES
emini
(+$50 per index point)
S&P 500 futures have basically held inside a
10pt total range so far this week, from 1312 lows to 1322 highs with the brief
artificial blip in the final hour on Monday when indexes got "Bartiromoed" out
of the blue. That sharp selloff immediately corrected upon Tuesday’s open, and
back inside the choppy range they went. Those who were in their chairs for the
sudden plunge did have two clear short signals to sell, but I myself had called
it a day much earlier on Monday.
ER
emini
(+$100 per index point)
Russell 2000 futures have painted a similar
serpentine story. 762 lows to 772+ highs is the true range with that brief
plunge expunged from the picture. A look at shorter-term charts such as five
minute of faster (not shown) clearly demonstrate the gyrational chop of
indecision currently affecting the market. Again, the Monday plunge was clearly
tradable for those who were present and alert in front of their screens
following hours of sideways coiling.
ES
emini
(+$50 per index point)
Daily chart view shows same pattern of sideways
buzz and fuzz persisting in this trend less period of time. Early March to early
May stretch has held between 1320 and 1300 with a couple days barely outside the
20pt range.
ER
emini
(+$100 per index point)
Small caps have been much more directional the
past two months than ES and other symbols. That said, a growing wedge with
series of inside days has been the pattern since two weeks ago today when the
long green candle ramped this index off recent lows. Overall, it’s a big
sideways wedge since late March until now.
Summation
The first two sessions this week have been choppy and dull. These are exactly
the conditions where I tread water in my account, waiting for normal range
sessions or large range sessions to grace our presence once again. Abnormally
low intraday ranges such as the past two days are periods of rest for my
account. Normal days such as those that lie straight ahead are when the harvest
is gathered once again.
Three sessions left, some key econ reports that
will keep knee-jerkers guessing both ways. Likely to see a wakeup in the markets
between now and week’s end… so let’s stay awake out there!
Trade To Win
Austin P
(Online video clip tutorials… open access)
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.