THE MORNING REPORT – EMissTrade.com
Trading Day: TUESDAY – November 16th, 2011
Snoozer day Monday. Most of the day was range bound/low volume with the high topping out at 1205.50. After a few hours of chop we saw a break of the 1198 area with increased volume and a close at the bottoms of the day (1 point off the day low). Also, take note of the fact that we probed higher and closed at Friday’s settlement number.
With Friday’s low(1191.50) just below we will most likely test that number. If we do I would expect a break of the low. If we see the break expect the 1183-1185 area to get tested. Traders beware – the markets are very uncertain about their direction with all of the overseas issues and our own QE2 junk – so we could see some interesting swings as the Bulls/Bears fight for control. At this time all systems are Bearish so we will be looking short for the 1183-1185 area. Of course this can change in the Globex session. Watch our updates throughout the day…Trade Smart – Use good stop management and trade to trade well.
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 – Friday’s High
1210.50 – Friday’s Gap
***1211.75 – Yesterday’s High
***1195.75 – CLOSE***
1194.75 – Yesterday’s Low
1191.50 – Friday’s Low
***1183.00 – 1185.00 Area
1173.00 – 1174.00 Area
*** - Area could provide Major Support/Resistance to price
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