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Trading Emini Futures
Tuesday, January 16, 2007

Friday’s prices:

Open

High

Low

Closing

1430.25

1441.50

1430.00

1440.75

Summary of Nat’s calls – w/o Jan. 8

Type:

Week:

Year to date:

Scalping calls

42.75

92.75

Position swing calls

4.50

40.25

Method calls

15.00

21.50

WEEKLY OUTLOOK

Second week of the new year brought bulls back into the market. All three major indices had big gains. This time it is Nasdaq ($NDX) lead. And other two went along with it. That told us we could see another bullish leg.

This week, S&P 500 (SPX) has its key line (1432) and ES has 1445. It is possible for both to move higher if they break out of those levels.

Weekly indicators still are bullish. As long as our ES can hold price above 1435.50-1437.50 range, its bullish leg could go as high as 1456-57 this week. Major resistance level for this week is 1456-1459 range and major support level is 1412-1414 range.

Also this is option expiration week. Some wild and unpredictable moves should be expected Wednesday and Thursday.

6. DAILY OUTLOOK

Last Friday, resource stocks helped to lead the markets higher along with increasing commodity prices. The market also benefited from strength from Dow Jones Transportation Average.

The market is closed on Monday for Martin Luther King Jr. Day, and Tuesday could combine two days move. Market could go both sides with wild move. Daily indicators are bullish. Major resistance level is 1453 and major support level is 1427-29 range.

7. TRADING STRATEGY FOR Jan 16, 2007

ES broke out 1437 level again on last Friday and closed for at the high end of the range. Today it is possible for ES to go higher to retest the previous year’s high around 1445.

During first trading hour, we need to pay attention to the price around 1445 level and see how price react at that level. It is possible for price to do a small retracement to 1437 level. If in the early morning, ES goes down first, we need to pay attention on 1437-1435 range to see how this range can hold price. If this range can hold up, buying pressure could be increased around this area.

 

Intraday swing position entry on short side:
 Agg. Scalping 1444.75 and 1452.75 (cons)

Intraday swing position entry on long side:
1435.50 (agg.scalping) 1429.25-27.25 (agg) and 1425.25 (cons)