Emini Futures Trading / SP Emini Reaches 1340 Weekly Zone
February 17, 2011 at 10:09 PM A Bullish Force to be reckoned with!
The E-Mini S&P 500 reached a high today of $1340.00 in the midst of a variety of adverse elements! It is amazing that the E-Mini S&P 500 could blow-off the two warships heading for the Suez Canal. The canal is owned and maintained by the Suez Canal Authority of the Arab Republic of Egypt. The market shrugged off protests in Iran, Yemen and Bahrain. The volume decreased slightly. The Initial Jobless Claims Report came in higher than anticipated increasing 25,000. This is extremely disappointing as the recovery of this country is focused on the Unemployment picture. Current Unemployment at 9% is above the norm. US Core Consumer Prices rose. Inflation is still a major concern as many analysts will expound on our data and give their views on their forecasts. It is difficult to ignore this factor as food and energy prices remain high. Timothy Geithner had made commentary on our debt risk and that the $1.1 trillion deficit reduction plan would help with investor confidence. We had some strength in the Technology Sector today with Nvidia Corp up 9.4%. Dr. Pepper Snapple Group shares were up 5.6 and Coca Cola was up 1.7 .
Tomorrow, we have no major economic reports to look for!
Between the Lines
Mom taught us at a young age, "If it breaks you have to buy it." Thanks Mom.
Today the trendline was tested and broke beautifully on the 2nd test. Follow that up with a Bullish Cross and it just doesn't get much better.
What to potentially expect Friday! We may retrace or back and fill in pause as the market may simply need to retrace. Today the low was $1328.50 and the close was $1337.25. Tomorrow, we may use the resistance of $1340.00 and look to potential support of $1321. The point of control or comfort zone of the E-Mini S&P 500 may be $1335.00 for Friday’s trading! We expect a continuation of the move today, but maybe later! If this market can break through the $1340.00 level, we look to $1343.50 becoming the new resistance.
Each player must accept the cards life deals him or her: but once they are in hand, he or she alone must decide how to play the cards in order to win the game.
-- Voltaire
Best regards,
Leslie Burton
Senior Market Strategist
Daniels Trading
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