Tuesday, February 21, 2012

Mid day S&P500 Futures Look

Not a whole lot to report .. but we did get the standard 2012 trade, quick sell off open then rally back to opening range. The low for cash is 1358.5 high being 1365... we need to get over 1365 to covert into a test of 1367-1370 range.. 1374 is a big level.. What might give the index's the UMPH they need to achieve new prices is upside participation from most of the beta names and a continued bond break down..

5 min ES
Notice the convergence of a few lines @ 1364.. coinciding with 2696 in the NQ.  

2600 is a bigger level than DOW 13000 mind you