Futures Trading Levels and Economic Reports for July 24, 2013

I must admit that stock index futures ( and the most popular one, the mini SP 500 or ESU3) are quite confusing for me these days….I am not getting a good read and the low volume ( notice at the bottom of the chart how much lower volume is the last few weeks) is adding to this confusion. Using some Fibonacci extensions, I am looking at a possible resistance at 1708.75 but it will be tempting to try the short side if the market can break 1675.00. In between, my personal opinion is to stay out if you are a swing trader as I dont see any swings yet….on the other hand if you are a day trader, mark your chart with important levels, get a feel for the early volume and try to asses early enough if the trading day going to be quiet and narrow like today or if there is chances for wider ranges and higher volatility like we witnessed few weeks ago.

Not an easy job. In between daily chart for your review below.

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Daily mini SP 500 chart for your review:

EP – E Mini S&P 500, Equalized Active Daily Continuation