ATW SR Levels Tuesday February 16th
SP 500 (ES March10):
R3: 1111.50 - 1113.00
R2: 1104.50 - 1106.00
Swing Zone: 1099.50 - 1101.00
R1: 1092.50 - 1094.00
<<< Initial Resistance: 1087.50 - 1089.00 >>>
<<< Initial Support: 1078.50 - 1080.00 >>>
S1: 1071.50 - 1073.00
S2: 1066.50 - 1068.00
S3: 1060.50 - 1062.00
Russell 2000 (TF March10):
R3: 638.50 - 640.00
R2: 634.50 - 636.00
Swing Zone: 629.50 - 631.00
R1: 622.50 - 624.00
<<< Initial Resistance: 616.50 - 618.00 >>>
<<< Initial Support: 611.50 - 613.00 >>>
S1: 606.50 - 608.00
S2: 601.50 - 603.00
S3: 596.50 - 598.00
Crude Oil (CL March10):
R3: 79.50 - 79.80
R2: 78.40 - 78.70
Swing Zone: 77.40 - 77.70
R1: 76.20 - 76.50
<<< Initial Resistance: Not Active >>>
<<< Initial Support: 75.40 - 75.70 >>>
S1: 74.50 - 74.80
S2: 73.20 - 73.50
S3: 72.30 - 72.60
EURUSD(Forex):
R3: 1.3990 - 1.4020
R2: 1.3820 - 1.3850
Swing Zone: 1.3740 - 1.3770
R1: 1.3670 - 1.3700
<<< Initial Resistance: Not Active >>>
<<< Initial Support: Not Active >>>
S1: 1.3520 - 1.3550
S2: 1.3430 - 1.3460
S3: 1.3350 - 1.3380
Gold (April10):
R3: 1162.00 - 1166.00
R2: 1142.00 - 1146.00
Swing Zone: 1127.00 - 1131.00
R1: 1117.00 - 1121.00
<<< Initial Resistance: Not Active >>>
<<< Initial Support: 1110.00 - 1114.00 >>>
S1: 1100.00 - 1104.00
S2: 1087.00 - 1091.00
S3: 1074.00 - 1078.00
08:31:57 {Winslow's Summary of the Prep Commentary}
ATW Morning Prep & Price Action Profile Summary
Tuesday, February 16, 2010 - S & P 500 Futures
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R3: 1111.50 - 1113.00
R2: 1104.50 - 1106.00
Swing Zone: 1099.50 - 1101.00
R1: 1092.50 - 1094.00
<<< Initial Resistance: 1087.50 - 1089.00 >>>
<<< Initial Support: 1078.50 - 1080.00 >>>
S1: 1071.50 - 1073.00
S2: 1066.50 - 1068.00
S3: 1060.50 - 1062.00
PRICE ACTION PROFILE: It is Fat Tuesday, February 16, 2010. And here is today's ATW calendar:
Download Link for ATW 101A Training 2010-02-02 PBG (AC400) on Range Charts.wmv - (All day)
The Morning Pre-Market Prep Session - 9:00 am - 9:15 am EST
101A Course Owners Training - 3:30 pm - 4:30 pm EST
By one count, about 3 million saints went walking in to the Big Easy to let off some steam and collect some beads. Just goes to show that when times are bad, nothing beats a party. Maybe Mardi Gras attendance is inversely proportional to the unemployment rate. Sure beats 54" of snow in Washington, DC...
After the US Presidents Day holiday, the market is showing a bit of strength having bounced 30 points off the February 7 bottom, which fell below the Thanksgiving '09 low. If you're surfing the waves of Fibonacci, theres a case to be made for this being a wave 4 completion from the January 19th triple top. If waves 5 are implusive, we could see the catastrophic drop being predicted by some pretty good analysts, with the March '09 low in sight and more below that. There is the nagging concern for the Great Depression scenario that keeps hanging around with the Dow well below the 10360 Nov. '08 to March '09 50% retracement that is a harbinger of the not so good. China is tightening its lending policies trying to cool an overheated economy, Greece is getting no love from the EU, and Spain and Portugal continue to show weakness as the other shoe may be falling in this global mess.
But those are larger timeframe pictures. On a more positive note, the waning earnings season continues to show underlying economic strength in US companies and S&P futures are now trading above a trendline from the January 19th to February 3rd highs. Overnight price action is back to the 1085 level in the face of a rising dollar. But there is significant resistance at 1086.50, which brings today's Initial Resistance into play today, though the key zone above the market is R1.
A review of Friday's Morning Prep (available on the ATW website) demonstrates a phenomenon with Monday's showing a tendency of late to close to the upside. The up close on Friday was cited as showing a tendency for traders to get in early to take advantage of the Monday tendency by frontrunning into the coming first of the week. And it is options expiration week. There is a historical propensity for the Tuesday and Wednesday of expiration week to be the highest volume/range days of the month, though with the gap up this morning, some of the fuel for that may have already been burned up.
Overseas markets are a bit muted in Asia with the Hang Seng on holiday and the Nikkei closing up .2%. In Europe things are a bit brighter with the FTSE and DAX both up .9%.
Key Zones: Initial Support and R1.
Today's reports:
3-Yr Note Settlement
10-Yr Note Settlement
30-Yr Bond Settlement
30-Yr TIPS Settlement
Empire State Mfg Survey - 8:30 AM ET
Treasury International Capital - 9:00 AM ET
4-Week Bill Announcement - 11:00 AM ET
3-Month Bill Auction - 11:30 AM ET
6-Month Bill Auction - 11:30 AM ET
Thomas Hoenig Speaks - 12:00 PM ET
Dennis Lockhart Speaks - 12:30 PM ET
Narayana Kocherlakota Speaks - 12:45 PM ET
Housing Market Index- 1:00 PM ET **
SR Levels posted above. (Note that these levels are initial expectations of directional bias for the day, however, as these levels hold or break, the day's tendency can change.)
Check the website for training events, especially the new Swing Trading service, as well as times for the Mentorship training. Confluence Zones (CFs) and their construction can be found on the ATW website.
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Substantial risk is involved. Trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the markets. Don't trade with money you can't afford to lose. Nothing in our course or workshop shall be deemed a solicitation or an offer to Buy/sell futures and/or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on our site. Also, the past performance of any trading methodology is not necessarily indicative of futures results. Trading involves high risks and you can lose a lot of money.
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