Emini Podcast For Friday August 31, 2012



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Our Tweet issued on the 28th finally triggered. Not a big move but predictable in the sense that it found support not once but twice at the 1395/196 Weekly Trading Zone.
(ES) S&P 500 Emni Futures
And you thought Monday was quiet? The 1405/1406 Weekly Trading Zone has defined itself so far this week as support and now as the center of gravity. The low of the day came in the first few minutes down at 1403.50 and then quickly reversed to put in the high of the day up at 1412. That's a daily range of 8.5 points. After that it was flat, followed by more flat. If trader's are simply laying low and waiting for a big news surprise out of Jackson Hole they may be in for a surprise they aren't expecting. Even Draghi has decided not to show...
Jeff Miller over at Seeking Alpha summed it up quite nicely when he tied the following two headlines together -
From the LA Times:
Today was another example of mediocre, directionless trade. We came within 1 point of teaching the 1417/1418 Weekly Trading Zone on the upside, and by midnight found support inside the 1405/1406 WTZ. Overall range for the day on the S&P 500 Emini Futures - 11 points.
Thursday night is Partner's Meeting. No written commentary tonight. To listen to today's broadcast just click the headphones above.
E-Mini S&P 500 Futures reacted cautiously to the rhetoric concerning the German Bundesbank’s view of the European Central Bank’s potential bond buying program! Germany has shouldered much of the debt crisis in the Euro Zone and may be a bit of the “lender of last resort” in this plan.
There is still a sentiment of prospective easing as traders await further indications of potential Federal Reserve action at the summit taking place at the end of the month and the European Central Bank meeting in September. This week, we look forward to housing data that is expected to show both the existing and new home sales climbing to 4.89 million unit annual rate from the 4.72 million unit rate in June.
Today's Chart shows again support on the hourly chart at a Weekly Zone followed by resistance at the next Weekly Zone above. APPLY for the 1 Week Free Trial and see if our Weekly Trading Zones can make a difference in your Emini Futures Trading.
(ES) Zone to Zone to Zone 22 Point Move 07/17/12