The YM Emini Futures moved up toward the pivot point overnight, (12703) but things quickly changed for the YM futures once pre-market traders showed up, pushing the YMH12 contract down to Support 1. The cash market session opened at 12621, one point above S1 with morning trading pushing the YM down further still before finding the bottom for the day at the 2nd mid-point support level, (12588). The YM stayed in a tight range for most of the cash market session with a brief surge above S1 before pulling back and closing slightly below the level. The YM intra-day chart below shows the tight range between S1 and the second mid-point support level.
ES S&P Futures Trading 1/27/12
The ES Emini Futures traded in a tight range today making the only significant move going into the last hour of trading. The ES futures moved up overnight and briefly traded above the pivot point, (1318) before pre-market trading saw the ES quickly slide down to S1, (1306.50), before the cash market opening bell. The rest of the trading session the ES was range-bound between S1 and mid-point support level 1 until the last 90 minutes of trading before the close. The contract broke back above mid-point support 1 (1312.25), making a run toward the pivot but rapidly lost steam and closed the session just above the Mid-point support level as can be seen on the ES intra-day chart below.
There are several important economic reports out next week. Make sure and check the Economic Calendar.
