In this post:
1. Market Commentary
2. Support and Resistance Levels
3. Daily S&P 500 Futures Chart
4. Economic Reports
5. Earnings Releases
1. Market Commentary
I have been talking about the gaps and looking at the pit session SP500 which is the big SP ( each point = $250 versus $50 each point on the mini SP)
Another importance of the big SP or the PIT session, is that it tracks the hours of the cash SP500 index which is the UNDERLYING ASSET the SP and mini SP futures trade on.
Yesterday I wrote the following:
If market has more volume on the buy side, the next target is 1185, on the other hand if volume dries out up in these levels, I will be watching price action around 1149 and 1129 before deciding which way offers better risk/ reward.
Looks like overnight moves overseas brought in more volume on the buy side and we closed one gap and even went higher…..but now we have a gap from today’s session at 1159…..
Hourly chart of SP 500 ( pit session ) for your review below:
GOOD TRADING!
2. SUPPORT AND RESISTANCE LEVELS!
| Contract (Dec. 2011) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1212.50 | 2348.25 | 11642 | 725.10 |
| Resistance 2 | 1201.15 | 2316.75 | 11465 | 708.60 |
| Resistance 1 | 1185.70 | 2284.25 | 11298 | 692.60 |
| Pivot | 1174.35 | 2252.75 | 11121 | 676.10 |
| Support 1 | 1158.90 | 2220.25 | 10954 | 660.10 |
| Support 2 | 1147.55 | 2188.75 | 10777 | 643.60 |
| Support 3 | 1132.10 | 2156.25 | 10610 | 627.60 |
| Contract | Dec. Gold | Dec. Euro | Nov. Crude Oil | Dec. Bonds |
| Resistance 3 | 1685.2 | 1.3855 | 89.14 | 143 2/32 |
| Resistance 2 | 1677.4 | 1.3758 | 86.96 | 142 16/32 |
| Resistance 1 | 1665.1 | 1.3667 | 85.29 | 141 29/32 |
| Pivot | 1657.3 | 1.3570 | 83.11 | 141 11/32 |
| Support 1 | 1645.0 | 1.3479 | 81.44 | 140 24/32 |
| Support 2 | 1637.2 | 1.3382 | 79.26 | 140 6/32 |
| Support 3 | 1624.9 | 1.3291 | 77.59 | 139 19/32 |
3. Hourly S&P 500 Pit Session Chart from September 27, 2011
Would you like to have access to my DIAMOND ALGO as shown above and be able to apply for any market and any time frame?
If so, please send me an email with the following information:
- Are you currently trading futures?
- Charting software you use?
- If you use sierra or ATcharts, please let me know the user name so I can enable you.
- Markets you currently trade.
4. Economic Reports for Wednesday September 28, 2011
Core Durable Goods Orders m/m
8:30am
Durable Goods Orders m/m
8:30am
Crude Oil Inventories
10:30am
Fed Chairman Bernanke Speaks
5:00pm
Economics Report Source: http://www.forexfactory.com/calendar.php
5. Earnings Releases
| SYMBOL | COMPANY | EVENT TITLE | EPS ESTIMATE | EPS ACTUAL | PREV. YEAR ACTUAL | DATE/TIME (ET) |
| ACN | Accenture Public Ltd Co | Q4 2011 Accenture Public Ltd Co Earnings Release | $ 0.89 | n/a | $ 0.66 | 27-Sep AMC |
| WAG | Walgreen Co | Q4 2011 Walgreen Earnings Release | $ 0.55 | n/a | $ 0.49 | 27-Sep 7:30 AM |
| JBL | Jabil Circuit Inc | Q4 2011 Jabil Circuit Inc Earnings Release | $ 0.56 | n/a | $ 0.52 | 27-Sep AMC |
| PAYX | Paychex Inc | Q1 2012 Paychex Inc Earnings Release | $ 0.38 | n/a | $ 0.36 | 27-Sep AMC |
| AM | American Greetings Corp | Q2 2012 American Greetings Corp Earnings Release | $ 0.25 | n/a | $ 0.21 | 27-Sep BMO |
| MLNK | Moduslink Global Solutions Inc | Q4 2011 Moduslink Global Solutions Inc Earnings Release | n/a | n/a | n/a | 27-Sep |