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Tuesday

Apr052011

Emini Futures Trading / Outside Day Leaves Market Unchanged

April 5, 2011 at 5:54 PM

by DeWayne Reeves

E-Mini S&P 500: an “outside” day still with a failure to penetrate resistance!

The E-Mini S&P 500 failed to penetrate major resistance at $1337.50 again another day! The Weekly E-Mini S&P 500 Chart just turned bullish today, but that may change if we are unable to pick up some momentum. The White House is currently abuzz over the US Budget Deficits. The market surely lacked incentive to break through any key resistance. In the midst of the nuclear aftermath in Japan, the unrest in Libya, Syria and other countries, traders may just be a little cautious. The chart formation may be regarding as a consolidation, but a hefty retracement may be part of the consolidation if the market fails to break through the resistance to $1340.00 and higher. The US ISM Index fell today to 57.3 from 59.7. The non-manufacturing report may have been subdued by the supply problems stemming from Japan’s earthquake. Mergers and acquisitions still stimulate activity as Texas Instruments bid to buy National Semiconductor in a $.6.5 billion dollar deal. This was a great push for the tech stocks. The Nasdaq rebalancing activity had increased weightings for Microsoft Corp. Intel Corp. and Cisco Systems while decreased weightings for Apple Inc.

Wednesday, we have no US major economic reports due out!

BETWEEN the LINES
These numbers go out to our Partners before the opening bell every Monday. The Dynamic Support and Resistance just happens along the way...

Wednesday, what to expect! We are technically still in buy mode, but we are stuck in a range! For some reason, it seemed as though the fund activity had been sidelined for the moment. Allocations can support some more substantial swings in the market. We anticipate this market to have an inside to higher day on Wednesday! Today’s range was $1334.25 - $1323.00. The market settled at $1326.75. Our comfort zone or point of control for this market appears to be $1328.25. Our anticipated potential range for tomorrow’s trading may be $1325.50 - $1342.50. The market stays bullish above $1315.00.

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Best regards,

Leslie Burton

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