ES Emini Futures Trading Morning Session Review 11/09/09

The only analysis there is today is that equities is going up as the dollar goes down. Not sure about the rationale of a recovery without improving employment. However, on a day like today, don't try to stand in the way of a freight train.

Charles

ES Emini Futures Trading PreMarket Review 11/09/09

The market is still climbing. Overnight it has traded past the 62% correction level of the last down wave, but is still below the 78% correction. We are also about 10 points above Friday's Point of Control, and about 7 points above Friday's Day Session High.

A correction back to these levels would be a better entry for long positions.

Charles

ES Emini Futures Trading End of Day Review 11/06/09

I have to admit that today ended up a more bullish day than I first thought this morning after seeing the market reaction to the Employment Situation Report. We have another close above today's Point of Control.



The Dow Transportation Index helped to hold up the broader market.



And the $TICK MA on the 15-minute chart is confirming the bullishness.

Charles

ES Emini Futures Trading Morning Session Review 11/06/09

The market found support just above Wednesday's Point of Control. Resistance is at the overnight high spike that occurred after the Employment Situation Release.



The one drag on the market during the early bull run was the Financial Sector, which refused to make a new high.



The market is now sitting just above yesterday's Point of Control and day session high.

Charles

ES Emini Futures Trading PreMarket Review 11/06/09

Obviously, the market didn't like the Employment Situation. It traded right through yesterday's Point of Control and is now testing Wednesday's Point of Control price level. This is also happening in the 38% to 62% correction zone of the last down wave. Start of a new down wave?

Charles

ES Emini Futures Trading End of Day Review 11/05/09

We have a close above today's Point of Control. Overnight trading will tell us how strong of a support price it is.



The small caps, transportation and financials looked better in today's last hour of trading than yesterday's last hour of trading. All were above the midday pivot high.



That bearish dip after 1530 ET didn't work today. It was a fake break to the downside with some traders hoping for a repeat of yesterday's rapid downfall. However, today there was too much underlying strength. The market instead finished to the upside.

Charles

ES Emini Futures Trading Morning Session Review 11/05/09

After the "B" period traded through yesterday's Point of Control, the market has stayed above this price and volume level.



The one fly in the ointment is that both the Dow Transports and Financials have been unable to trade above yesterday's highs.



Both the overnight high and yesterday's day session high fell as resistance. The lack of Transportation and Financial confirmation of the new highs may make yesterday's day session high a weak support level.

Charles