Emini Futures | Why Price Action Matters

by DeWayne Reeves

The S&P 500 Emini Futures rallied today and more than closed the gap created on Sunday night's Globex open. The Bank of Japan spent 39.7 Billion Yen on Stock ETF's today. They also acquired 2.3 Billion in REIT's. As you can see from the chart below the action was sufficient to create a 13 point profit on last night's Tweet but so far the Asian markets tonight look somewhat soft, in particular China. We have a Tweet in the wind tonight as well. As always, wear a hard stop.

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Emini Futures | Trading Price Action - 5 Minute Emini Chart

Tonight on Globex the markets gapped open substantialy lower. We currently have a larger time frame setup waiting to be triggered. If you don't know the setup, install the CFRN Emini Toolbar.

Trading Price Action

As we were waiting it seemed like a perfect opportunity to show an example of Trading Price Action on a 5 minute chart. Here's a video of the trade using the S&P 500 Emini Futures.

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Emini Futures | Understanding Emini Price Action

The S&P 500 Emini Futures finished the week on a downbeat note @ 1362.50 as a result of a weakening jobs report and continued uncertainty in Europe. The biggest news of the day was Crude trading back below $100 a barrel. Down almost $5 at one point during the session Crude closed @ $98.59 off $3.59 from Thursday's close. The move in Crude came as no surprise to listeners of our Daily Live Broadcast.

As you recall last week, the S&P Emini closed 1 point below our highest Weekly Trading Zone and this week we closed 2 ticks below our lowest Weekly Trading Zone. Here is a chart of the weekly close -

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