THE MORNING REPORT – www.EMissTrade.com
Trading Day: WEDNESDAY – November 24th, 2011
OVERVIEW:
Yuck – my description of this action. One day up, one day down. Find a direction please! Nonetheless the market still gives us some prime opportunities. As I mentioned in the last report I wouldn’t think short until we broke 1191 area. In the Globex session the market broke that area and held. Looking short at the RTH open there was a sweet short on a morning bounce at the 1184 area. If you were scaling the objective of 1178 was easily met.
For WEDNESDAY:
I am expecting some nice volatility in the AM with the amount of news being released. Also, since it’s the day before the holiday (US) we may see some profit taking in either direction. As we get closer to noon I expect volume to die as people start their holiday early. On the downside I am watching the 1175 area. If we break it for the 1168 area. There’s a lot of wood to chop on the upside after today so I will wait for 1185 to breakout and hold then I will look for patterns to get long up to the 1191 area. Lots of news in the AM – http://www.nasdaq.com/asp/econodayframe.asp – Be on your toes.
TRADE LESS – EARN MORE
@emisstrade
www.emisstrade.com
TREND:
SHORT TERM TREND: BEARISH
LONG TERM TREND: BEARISH
TARGETS NUMBERS: ESZ0
***1211.75 – Friday’s High
1210.50 – 11/12 Gap
***1205.75 – Last Week High
***1202-1204 Area
1197.25 – 11/23 GAP
1191.50 Area
***1185.00 – Yesterday’s High
<<>>
***1174.75 – Yesterday’s Low
***1170.50 – 1171.00 Area
1167.00 – 1168.00 Area
1162.00 – 1164 Area
*** – Area could provide Major Support/Resistance to price
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