So, vacation is over. I am back in action with a little overweight. It should be a light day for me, since I am just back from Taiwan. More on my trip later, in short, it was wonderful.
We have a small gap down in 5-min chart of E-mini S&P. Volume crosses 10K bar test for the first 30 minutes. E-mini Nasdaq, mini-sized Dow, E-mini S&P and E-mini Russell are moving in negative zone today. I will be focusing on any Short opportunity at this point of time.
There was a gap up in 5-min chart of ES (E-mini S&P). Volume is healthy as shown in first 30-min. E-mini Nasdaq and E-mini Russell 2000 had gap up in 30-min chart. So far, intrady, market tone is positive. If I were to trade today, I would only consider Long position.
E-mini S&P opened low (in fact, from 30-min chart, it was a gap down) and moved high, trying to fill the gap in the first 30 minutes. Volume passed the 6 bars test, a volatile day ahead. I don’t see strong momentum from the opening price action of E-mini Nasdaq, mini-sized Dow, E-mini S&P or E-mini Russell. By the way, today is Thursday of option expiry week.
Most probably, I will spend my time watching rather than trading today.
We had 3-digit gain for Dow and above 40 points for Nasdaq yesterday, will there be some profit takings kick in today? No idea. We have oil inventory report at 1030 ET, this should provide some momentum to the market.
Looking at volume and price action of E-mini S&P at the first 30 minutes, I am looking forward a volatile and hopefully, trending day. E-mini S&P had a small gap down and the gap was filled within the first half hour. Mini-sized Dow and E-mini Nasdaq both opened low and go high. It is pretty positive.
At this point of time, I am looking at Long opportunities.
From first 6 5-minute bars of E-mini S&P, average volume exceeds 10k contracts. I am looking ahead a volatile, and hopefully, trending day. Three index futures (E-mini Nasdaq, mini-sized Dow, E-mini S&P) are moving up with E-mini S&P leads with a gap up.
As at this point of time, I am looking for Long opportunities.
by Gav
Here are the pivot levels I am looking at for 12-September-2006
[photopress:Pivot_1.jpg,full,centered]
