TraderSmarts Numbers for the YM Emini Futures - Wednesday January 13, 2010

Support becomes resistance and vice versa...

10592, 10650, 10688 Resistance on the YM Emini Futures

10576, 10539, 10475, 10437, 10389 Supports

Trade smart and trade well!

Recent:
CL: My 82.80 initial target of this move up in CL was hit on Wednesday 1/6/2010. The 84.40 - 82.80 area I have been mentioning for a potential CIT has been money so far. A high of 83.95 on Monday and then selling back through the 82.80 number. Tuesday continued selling. Today EIA Petroleum is released. Targeting an initial move back to 75 on this CIT.

YM: Potential for a 10625 test today in the YM. Rejected at 10620 Monday pre market and then 1 tick over my 10622 Monday near the close. Closing over 10625 will have me sitting up and taking notice. A lower high Tuesday at 10610. IF we get back to the 10622 Number kind of expecting a blowoff over 10625.

Background:
It is worth noting that we broke down (Thanksgiving Dubai news) from the exact 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.html

We are now back inside the key range of 10313 - 10625. As I have been saying the thing I am keying on now is what area is taken out first and held below or above. Downside at 10313 or upside at 10625. This will be a telling clue IMO as to probability of CIT.

Closing over 10625 and I sit up and take notice.

See the latest look at the daily chart:
1/1/2010 An Updated Look at the Daily Chart of the YM