Emini Futures Trading / Yearning For Earnings?
April 8, 2011 at 10:18 PM E-Mini S&P 500: Traders yearning for good earnings?
The E-Mini S&P 500 is so close but yet so far from breaking through the resistance level of $1337.75! In truth, how could it? Today’s volume was again light. Why? Our US Government is tied up in a budget meeting! If they do not agree on budget cuts and a funding bill, a shutdown is possible. Is it possible? It happened in 1995. Although, we believe that some agreement may be made, the uncertainty puts many traders on the sidelines. Crude Oil prices ranging today $112.00 - $113.00 also may be pressuring the indices. We had an outside day extending on the downside just a quarter point beyond our anticipated tolerance support. Today, we had Chevron Corp. up .6 and Freeport McMoRan Copper and Gold up .9 . Next week we look toward earnings season and look for Alcoa Inc., JPMorgan Chase & Co. and Google to kick things off. If we reach a budget agreement and have some decent earnings, we should perhaps have an increase in volume to possibly move this market to higher ground.
Monday, we have no major economic reports due out.
BETWEEN the LINES
We spend so much time showing you Weekly Trading Zones on the ES we don't seem to get around to the "other" markets. Let's have a peek at the Dow Emini tonight. First we'll look at what happened today. Just like any other day there was a high... and there was a low.
It just so happens that those are numbers we emailed to our CFRN Partners last Sunday night. Was today a freakish one day anomaly? No, not really. Just another day at the Zone Factory. If you follow us on Twitter (@cfrn) you've watched some very nice trades come through on the Globex session. We've been trading the YM more frequently of late even in the day session during the Live Trading Room. We've also been trading the Russell of late in the trading room and we're also creating Weekly Trading Zones for that market now as well. On Monday I'll share a few screen shots of the TF, for now back to the YM.
Here is the trade tweeted Wed at the open of Globex -
Before
During 
After
Here is the trade tweeted Thur on Globex -
Before
During
After
The Dow Emini / YM pays $5 per point. A 20 point move on 1 contract = $100. If you look carefully at a Dow Emini chart you'll see many such moves over the course of even the quietest trading day. Follow us on twitter if you like to trade overnight, but better yet come hang out for a full week absolutely free. Now back to Leslie...
Monday, what to expect! We are technically still in buy mode, but need to break out of this expanding range! We anticipate this market to have an inside to higher day on Monday! Today’s range was $1335.75 - $1318.75. The market settled at $1323.75. Our comfort zone or point of control for this market appears to be $1329.00. Our anticipated potential range for Monday’s trading may be $1319.50 - $1342.50. The market stays bullish above $1319.00. The E-Mini S&P 500 is still at the crossroads!
Confidence is contagious. So is lack of confidence.
Vince Lombardi
Best regards,
Leslie Burton
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