Emini Futures Trading / Will 1300 Hold On SP?
February 23, 2011 at 9:05 PM Will the E-Mini S&P 500 spring back after the tumble?
Today, we had a continuation of yesterday’s action as Libyan violence dominated the news. The US and many other countries have taken measures to evacuate Libya of their citizens. 10,000 are being evacuated by the Euro Zone. The bloodshed is considered totally unnecessary and yet the US remains on the sidelines. There was talk of freezing Libyan assets, but so far our government has walked softly around this dilemma. Senator Kerry and Secretary of State Hillary Clinton have made statements regarding the appalling violence. The turmoil has actually been positive for the energies as fears of potential supply routes may be hampered. This has been a bit of a teeter totter between the E-Mini S&P500 and the Crude Oil. The E-Mini S&P 500 has been trading higher for quite some time with no retracement; it has risen about 25% since September. This retracement shows a 2.1 % decline today.
Today’s US Reports: Existing Home Sales were up 2.7% showing the 3rd straight month of increases.
Tomorrow, we look forward to US Initial Jobless Claims and Advanced Durable Goods at 7:30 AM CST. New Home Sales is at 9:00 AM CST.
Between the Lines
Could you earn a living with only 1 dynamic indicator?
;)
What to expect tomorrow for the E-Mini S&P 500! Today’s continuation was a substantial retracement! The high was $1320.50 and the low $1297.50. $1305.50 was the close. We remain in sell mode on the Daily Chart as long as we stay under $1342.50. Our comfort level or point of control is $1310.75. After today’s selloff, we anticipate some bargain hunters with potential buying opportunities. We look for tomorrow’s potential range to be approximately $1318.00 - $1298.00.
I hated every minute of training, but I said,
"Don't quit. Suffer now and live the rest of your life as a champion."
Muhammad Ali
Best regards,
Leslie Burton
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