Learn To Trade Futures - Emini Style 03/07/12
(QQQQ)(DIA)(SPY)(GLD)(SLV)
Super Tuesday was a big day for Politics but not so much for the markets. The retracement which began last Thursday kicked into high gear today. So much so, that we blew out the lowest Weekly Trading Zone on the S&P 500 Emini Futures which reached a low of 1338.50. While it's not unheard of, it is unusual for a Weekly Trading Zone to break and hold.What we anticipate now is a rally back up to the zone at 1347/1348. The first trip up we expect resistance. By the time we close for business on Friday we expect price to be back on the playing field. Watch for price consolidation in and around 1347/1348. Once price can break above and hold the zone on a pullback we will look up the ladder to the next rung at 1357/1358.
Here's a look at today's drop -
S&P500 Emini Futures
Dow Emini Futures
DJIA (YM) 03/06/12
Keep in mind this is a one day snapshot. The chance of the markets rallying tomorrow after such an extreme drop are very good. That's not to say we won't see additional weakness but prices have been knocked low enough for the Bulls to at least muster a decent bounce. If you are interested in learning to trade futures "Emini Style" without the headache of handicapping individual stocks every night, you should spend a few days in our Live Emini Trading Room. You'll see us trade live with real money each and every trading day. We're always happy to answer any questions you have.
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