Tuesday, December 21, 2010

SP Emini Futures Touch Highest Weekly Zone

QQQQ)(DIA)(SPY)(GLD)($SPX)

from the trading desk of CFRN...

“Here comes Santa Claus, here comes Santa Claus” Stocks were strong across the board. Financial stocks took charge and drove the market higher. The Nasdaq has been another driving force and didn’t let off the gas today. As expected, the volume was light and will continue to dry up as we approach the end of the week. Tomorrow we have a few economic reports to lean on, GDP and Existing Home Sales and are expected to come out at 07:30 and 9:00 AM CST. respectively. These are high impact reports and one should expect a reaction off of these numbers.

We’ve expected and reported that this market could reach our last Weekly Trading Zone or the 1251/1252 level in the SP EMINI and HERE WE ARE! Contrary to the trend we want to be short up at this level the 1st time up. At the trading desk we expect this to be resistance and would expect some type of kick back. So to repeat, we want be SHORT the SP EMINI at the 1251/1252 LEVEL. Are we turning Bears, no? Were in a bull market but were at a technical level and we think there is an opportunity here. Look at your own work and indicators to determine if you see the same set up or confirmation. Our immediate target will be the 1245/1244 level and with some damaging news we could see 1238/1239 or 1225/1226 all trend lines and Weekly trading Zones. Let’s hope our special “C’mon baby” indicator kicks in tonight, CFRN listeners you know what I am talking about. 

E-Mini S&P 500 Hourly Chart

E-Mini S&P 500 Weekly Chart  

E-Mini S&P 500 WTZ Chart

I will study and prepare myself . . .
and someday my chance will come.
Abraham Lincoln

CFRN Staff Writers / D. Reeves - L. Burton - B. Schlichter 

 
Daily Market Profile Numbers for Wednesday 12/21/10
VAH -  1249.75
POC - 1248.75
VAL -  1247.25


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