Emini S&P 500 Futures Market Update 7/23/09
The emini S&P 500 opened with a professional gap down and the locals immediately grabbed control of the buy side activity and closed the gap up through our the market profile levels of 949 and 951.25. For the remainder of the morning, the market congested around the 51.25 area with a late morning, early lunch push to the highs and no evidence of institutional buying support was seen. This test beyond the 950 level was an attempted push to see what was beyond our longer term consolidation range and suprizingly we didn’t see big buy side activity. Continue to watch buy pressure at these levels, if we don’t see any buying interest we could test the 850 range again.
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| S&P 500 Emini ES Futures Market Market Profile® TPO number’s: | ||||||||||||||||||||||||||
| UVA (Upper Value Area) | 953.75 | |||||||||||||||||||||||||
| POC (Point of Control) | 951.25 | |||||||||||||||||||||||||
| LVA (Lower Value Area) | 949.25 | |||||||||||||||||||||||||
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Posted: July 23, 2009
Category: Market Commentary
