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Daily Review / The S&P500 Emini trades to new highs as the resting SHORT inventory position grows
The S&P500 Emini trades to new highs as the resting SHORT inventory position grows
The ES traded to new highs just after the cash session open Friday of 1043.75 for the new contract. Within that first hour of the cash session, a solid sell response took control of the market as price traded down to the 1033.50 level for our low of day. The rest of the day was spent with trading back into the range and a close in the 1037′s area. Going into the Sunday night globex session and then into Monday, I will be looking for the ES to trade at least back to the low of the Delta Zone of price. Those still holding resting inventory SHORT in the old contract can then trade out at breakeven or better with any trade down to the 1035.00 level or lower…..we will see.
Video 1 – Quicktime download link or for faster access, click below and use the MS Silverlight charts. Please Double Click on the MS Silverlight chart after starting to go to fullscreen view!
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