Hot Shot For Tuesday

Good Morning.



New Home sales, Consumer confidence, and the FOMC (Afternoon) reports are due out today. All are bound to have a bearish effect on the ES and boost the Bonds. We had a low volume day yesterday, however and the volume in the ES is favoring the high side of the pivot this morning. If there was an average volume day yesterday I would contiue to be bearish, however since only a fraction of the market participants traded yesterday, I think the sell off is going to bring in buyers who think the market is at a premium. I am cautiously bullish as a result. Follow the volume. If we trade higher than 1270 start buying low volume pull backs - if we trade lower that 1263 sell the low volume rallies -



Support and Resistance Numbers



ES ZB

r4 1287.00 119.22

r3 1280.25 119.15

r2 1275.50 119.04

r1 1270.50 118.29

PP 1267.50 118.25

s1 1263.50 118.15

s2 1257.50 118.07

s3 1250.75 117.28

s4 1244.75 117.15





Best

Josh Kelne

Office: 312-521-7347

800-845-9685

www.trademaven.com

Take the Trade

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Hot Shot For Monday

Good Morning.



Existing Home Sales and bill auctions are the only reports out today - Home sales are bound to be a drag on the ES, look for a sharp break at 9:00 am Central on that announcement. I am not at al confident that the ES will hold its gains from Friday - 1279 is going to act like a magnet because it is such a large volume area. If the ES breaks lower to the 1285 area be a seller - I am leaning toward the bear side this morning. Open interest was lower and volume has been building lower since last night's open.




Support and Resistance Numbers



ES ZB

r4 1307.50 118.28

r3 1302.50 118.22

r2 1296.50 118.15

r1 1293.00 118.09

PP 1289.00 118.03

s1 1286.50 117.30

s2 1283.50 117.18

s3 1280.25 117.13

s4 1275.50 117.02





Best

Josh Kelne