Here are today’s key levels in the eminis
I hope you enjoyed a relaxing,
fun-filled Easter holiday weekend. Today’s
eminis session may be dull: many big-money
players are still returning from vacations while tomorrow & forward usher in key
earnings and economic reports. Regardless of the data and its actual accuracy or
lack thereof, markets may and probably will make sharp moves thru the trading
week straight ahead.
ES (+$50 per index point)
S&P 500
eminis futures broke the weeks-long sideways
fuzz with a quick trip south below the 50-day
moving average (olive line) and
62% of most recent low-high upswing. Look for 1300 to be a stiff layer of
short-term resistance while 1280 and then 1265 magnets of support beckon below.
ER
(+$100 per index point)
Russell 2000
eminis futures successfully held the
latest pull back to their 50-day
moving average test. The final two sessions
last week could not exceed Tuesday’s high, so price action merely consolidated
into the long holiday weekend. We should see some directional movement this
week, whether it holds inside the persistent sideways range or not.
NQ (+$25 per index point)
Nasdaq 100
eminis futures have held their 50-dma and 62% area of the most recent
low-high swing as a clustered support zone. It will take at least one daily
close below the 1700 level before any type of price weakness is pending.
Summation
A slew of big earnings reports this week along with PPI, CPI, Jobless Claims and
the venerable FOMC minutes pack a potent punch of emotional material for
knee-jerk traders. We all know this stuff is temporary and irrelevant to
long-term market action… but for short-term basis traders, the hoopla
surrounding inane data reports is the stuff we live on. A market’s reaction to
the “news” and more importantly, post-reaction to the initial reaction is what
makes up many a session’s trend. Plenty of catalysts to shake the tapes this
week, especially Tuesday forward. Buckle up, remain in your seats and prepare
for an active trading period to come!
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.