The market rallied from Friday's down day early in the session Tuesday despite economic woes out of Europe with good news out of China, pushing the S&P 500 to its highest level since early last August. The gains were quickly reined in during afternoon trading when CitiGroup announced a drop in profits sending investors heading for the exits. The S&P 500 cash market reached a high of 1303 today before closing at 1290 on the day. The Dow closed up +60 and the Nasdaq closed up 14.41 points.
ES Emini Futures Recap 1/17/2012
The ES Emini futures crossed above the pivot point (1285.50) overnight reaching a high of 1302.50 despite the European Debt crisis. The ES traded above the R1 level for all of the pre-market and began to retrace after the opening of the cash market. The ES emini futures traded above the the mid-point level (1292) for most of the day until CitiGroup news had traders exiting positions with the ES contract plunging below the mid-point level and stopping just short of the pivot point, closing the day at 1289.25 The ESH12 futures intra-day chart is below:
YM Emini Futures Trading 1/17/2012
The YM mini Dow futures captured the pivot (12359) way before the cash market opened and broke through two levels of resistance. The YM stayed above the R1 level (12471) through the New York lunch hour and made two attempts to breakthrough the mid-point level (12511) between R1 and R2 but could not sustain the move. Once the afternoon session began the YM retraced most of its gains and settled at the mid-point area (12415) between the pivot and R1 before closing the cash market at 12420. YM intra-day chart:
Economic Reports Due Out Tomorrow:
Producer Price Index 08:30 AM EST
Industrial Production 09:15 AM EST
See the complete list here.
0 comments:
Post a Comment