Your Roadmap For Friday’s E-Mini Trading
Premarket futures are bleeding red off
initial reaction to the employment data compiled. With its usual revisions and
adjustments, the whole thing is an actuarial folly. Momentum traders live to
knee-jerk positions based off such mathematical mush. We live to trade the
reactions from their emotional action. Today is likely to have strong morning
moves, sideways midday and afternoon potential for profits. Â
ES (+$50 per index point)
Yesterday’s instructions in here for S&P 500
written on the chart were bullish above 1246+ and bearish below 1244. Price
action opened below 1244, rose up to kiss said resistance to the tick, and
promptly dove -7 index points to 1237 at session lows.
More often than not, intraday trading of emini
markets is just that simple. what else can I say?
Today’s zones are selling 1241 – below and
buying 1244+ and above. Downside continuation is probable, although the S&Ps
only covered a miniscule 7pt range again yesterday. If they bounce, look for a
short squeeze of explosive potential after four straight sessions below 10pt
total range.
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NQ (+$20 per index point)
Nasdaq 100 also dropped dead from predicted
resistance, as one would naturally expect. Sell below 1617 and buy above 1625 to
begin today’s action.
YM (+$5 per index point)
Dow Industrial futures gave two series of sell
signals at our posted trigger yesterday. It doesn’t get any easier than this…
YM obliged nicely on sell orders near 10675 down to 10615 near session lows. I
would not get excited about +$300 per contract total myself for reasons shown
next, but YM traders had two chances to sell the top and ride into mid-morning
dive from there.
Today’s YM early signals are sell 10655 and buy
10680 if either is tested. Other than that requires live-market tactics as
usual, of whatever method one employs. Bullish above and bearish below these
zones is the overall bias.
ER (+$100 per index point)
Russell 2000 futures gave sell signals at
682.20, 679.50 and 675.90 for three turns yesterday. The lows for each swing
offered +$400, +$400 and +$300 per contract respectively. far, far more dynamic
profit potential in the Russell than other three indexes charted above.
Today’s early outlook is bearish below 679 and
bullish above 683.
{Price levels posted in charts above are
compiled from a number of different measurements. Over the course of time we
will see these varying levels magnetize = repel price action consistently}
Summation
I’m currently managing some FX trades taken ahead of econ news that are both
up significantly as I type. They require my full attention, so we’ll leave
today’s roadmap complete as above. Please feel free to join us Sunday evening
for our weekly CM Market Outlook newsletter that’s free and wide open to
public access with no strings attached for access.
www.CoiledMarkets.com is where you’ll
find weekly chart trend view outlook and other facts of value to traders. The
weekend edition will post by 5:00pm EST, and we hope to see you there!
Trade To Win
Austin P
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.