Short discussion of Emini support and resistance levels today. The 1,052 support level held overnight but then we rallied into a cyclical turning point on the longer time frame chart (2,097 tick). This formed a Pull Back in down trend and the decline continued.
Support Levels at 1,052 and 1,042 (Emini 2,097 tick)
This second decline eventually finished with an "End of Trend" warning signal around the 1,042 support level. We tested this support level 3 times during the day and in the overnight session we’ve stared to bounce.
I’m partial to trading the second cyclical turn after an "End of Trend" warning signal. These support / resistance levels can often develop into trend moves. Plus we’re also seeing less selling pressure.
Cyclical Short Entry (Emini 699 tick)
The best entry today was a cyclical top in the 699 tick bar chart at 1,060. We had confirmation on the lower time frame chart and the move started with an explosive jump down. This down trend went to 1,043 – but I was out well before that with my 4 points! Good luck with your Emini trading.
