Thursday, September 30, 2010

ES Futures Thursday Morning Review 09/30/10

The Futures 10 day moving average is trying to hold as support. However, selling momentum is still strong.

The R1 level is near yesterday's high. Once it fell as support, it was a quick tumble to S2, which is near the 10-day moving average. S1 is still resistance.

Tuesday, September 28, 2010

ES Futures Morning Review 09/28/10

Once again buyers bought into the equity market at the Futures 10-day moving average.

With buyers coming into the market, S1 failed as resistance. The market is currently resting at the Floor Trader Pivot.

Monday, September 27, 2010

ES Futures Monday Morning Review 09/27/10

Following Friday's above average range, this morning we got a narrow range market as the bulls and bears neutralized each other. We have resistance at the 0930 ET open, and had support at the Pivot line. That support may be weakening as we enter the lunch time period.

Thursday, September 23, 2010

ES Futures Morning Review 09/23/10

In a bullish phase, the 10-day moving average is a good place to buy stocks. Looks like that is what equity traders did this morning.

The futures also was at its S2 level, which provided good support. This allowed the market to close the open gap. The Pivot level is still resistance.


Wednesday, September 22, 2010

ES Futures Wednesday Morning Review 09/22/10

After the first 30 minutes, the market found resistance at the Pivot line and some support near the S1 line. The market is continuing to show some slight weakness that began yesterday.

Tuesday, September 21, 2010

ES Futures Tuesday Review 09/21/10

The bulls may be getting a little tired. It took most of the day to meander down to the Pivot support, and after the FOMC announcement, the market could not trade beyond R1 and settled back to the Pivot line. A boring day in trading.


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Friday, September 17, 2010

ES Futures Pre-Open Review 09/17/10

The cash market has been riding its 200-day moving average as support for the past 4 days.

In the pre-open market on this quad witching day, the futures has traded past the highs of early August. The markets are trading higher in Europe following good news from mining stocks and Asian economies.

Tuesday, September 14, 2010

ES Futures Tuesday Review 09/14/10

This morning I thought that we might see a techincal correction and possibly a close of yesterday's gap, but the bulls used the small pull back as a buying opportunity. The market then traded from its S1 level to almost the R2 level. In the afternoon, the Pivot provided support.

Monday, September 13, 2010

ES Futures Monday Review 09/13/10

The profit takers took a while to gain control in the morning session. The market finally came down to a support level (R2) as the European markets started to end their day of trading. The R2 level held as support preventing the market to close its open gap. R3 held as resistance. The cash market is now above its 200, 100 and 50-day moving averages.

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Saturday, September 11, 2010

ES Futures Weekend Review 09/11/10

The cash market is nestled between its 200 and 100 day moving average. Bulls may be encouraged by the 50-day moving average attempting to slope upwards.

I don't normally look at the Floor Trader Pivots. However, the market reacted nicely Friday to its R1 and Pivot lines.

Thursday, September 9, 2010

ES Futures Wednesday Review 09/08/10

The futures market had a nice bounce off of its 10-day moving average with the help of reduced concerns over the Euro.

However, the cash market is still reluctant to go over its 100-day moving average.

Saturday, September 4, 2010

ES Futures Friday Review 09/04/10

The cash market is testing its 100 day moving average again.

The overnight or pre-open high acted as resistance, which allowed the market to attempt to close the open gap. It couldn't close the gap, but it did go a little more than half way. In the afternoon, the 0930 ET open held as support, allowing the market a strong close.

Wednesday, September 1, 2010

ES Futures Wednesday Review 09/01/10

The cash market is still below its 50 day moving average.

However, the futures market has closed above its 10-day moving average finally. The market now awaits the employment reports.