THE MORNING REPORT – EMissTrade.com
Trading Day: MONDAY – November 15th, 2011
The bears came out to play on Friday picking up speed on a break of the 1202 area. The volume was strong on the downside all day and any bulls trying to catch some footing caught a few sharp knives. After the bears found the 1191.50 low they decided to take some profits and closed the market 4 points off the bottom…which gives us some clues for Monday.
We have three news reports out in the AM (2 prior to RTH and 1 after) which should add some fuel to the fire. Our Short Term Trend and Long Term Trend’s have turned bearish however we have to be careful this week since its expiration week and the market tends to bottom the Thursday or Friday prior (Thanks to our friends over at www.Mrtopstep.com). With that being said...over night (Globex) ranges will be important. I will look for a rally on Monday and 1203-1204 will be critical and any close above the 1207, then the bulls may look to run stops and close Friday’s gap at 1210.50. Nonetheless, we should see some good volatility and good trading. Be smart – trade to trade well.
Trade Less Earn More!
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
TARGETS NUMBERS: ESZ0
***1250 – Commercial Objective
***1224.50 - 1224.75 Last Week High
1217.00 - 1219.50 Area
***1211.75 – Yesterday’s High
1210.50 – Friday’s Gap
***1203.00 – 1204.00 Area
***1195.50 – CLOSE***
1191.50 – Yesterday’s Low
***1183.00 – 1185.00 Area
1173.00 – 1174.00 Area
*** - Area could provide Major Support/Resistance to price
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