ES Futures - PreMarket Review 12/03/09

The good news for the bulls is that the overnight market is currently above yesterday's and Tuesday's Point of Contol. So far, however, the market has not been able to trade above yesterday's high. So the 1107 to 1109 area may act as support while 1115.50 is resistance. Tomorrow morning we get the Employment Situation Report.

Charles

ES Futures - End of Day Review 12/02/09

For the newer readers, this chart is a Volume Distribution chart, which is TradeStation's version of a Market Profile chart. What I pay attention to on this chart is the previous day's high volume price area called the Point of Control. This is the area that the market often treats as support or resistance.

This afternoon, yesterday's Point of Control was resistance, and the market kept bouncing off of it to the downside. The market didn't go very far, but there was too little buying power to trade through that resistance.



Today was a below average range day, but again not the smallest range of the last 4 or 7 days. Not a Tony Crabel NR4 or NR7 day.



All afternoon the $TICK was positive, but yesterday's Point of Control was too strong of a resistance. So the market stayed in a very narrow range all afternoon. In the last half hour, the market was trying to trend up, but again did not go through the Point of Control.

Charles

ES Futures - Morning Review 12/02/09

Not sure why the market popped above yesterday's high. I suspect that some stops got hit. Whatever the reason, it didn't last long, and the market came back down to yesterday's Point of Control. Techology, Small Caps and Transportation were strong, but Energy and Financials were weak.

Charles

ES Futures - PreMarket Review 12/02/09

The overnight market hasn't done much staying within a narrow range of 1105.25 to 1111.00. Also, there isn't much to move the market today with Beige Book at 1400 ET.

Charles

ES Futures - End of Day Review 12/01/09

The market did fade from the 1111.50 area, and traded back to its Point of Control, which today was located near the VWAP Line. I always feel more comfortable when the market retests the high to make sure most stops have been removed, but the market doesn't always accomodate. Today the market didn't retest the 1111.75 high, but slowly faded back to the Point of Control.

Charles

ES Futures - Morning Review 12/01/09

The market just does not have enough buying power, at the moment, to make it to 1111.50.

Transportation and Financials are dragging the market as they have not been able to follow the broader market to new highs. Discretionaries, energy and technology are relatively strong.

The market is still bullish with the $TICK staying in positive territory. For swing traders, the better buying point was yesterday's test of the overnight low. On test of the 1111.50 level, swing traders will be taking profits.

Charles

ES Futures - PreMarket Review 12/01/09

Apparently, the Europeans are less concerned about Dubai than they were at the end of last week. They gave us a nice pop to the upside past the 1098.25 resistance. A test of that support level would be nice, but I don't know if we will get it this morning. We have a bunch of 1000 ET reports being issued today.

Charles