13361, 13344, 13314, 13288, 13257, 13243, 13227, 13219, 13205, 13189, 13167, 13152, 13125, 13107, 13096, 13078, 13038, 13028, 13019, 12999, 12988, 12974, 12950, 12931, 12914, 12896, 12881, 12870, 12838, 12823, 12817, 12808, 12797, 12784, 12776, 12760, 12732, 12725, 12712, 12693, 12672, 12667, 12644, 12625,12582, 12562, 12545, 12533, 12509, 12501, 12488, 12464,12452, 12433, 12419, 12380, 12349, 12313, 12228, 12217, 12037, 12027 Support / Resistance on the YM Emini Futures
YM Contract Notes: 12974 TS # is Big Pic LIS. If we can clear 13288 TS # and hold then we very likely will get new all times highs in the Dow. Failure below 12501 TS # and holding and extended targets are 11542/11321 - 11311 TS #'s.
The key to making use of bigger picture analysis (above) is just like playing chess...you have to be able to perceive which moves are likely to be played out ahead of time. In trading that means figuring out likely target and getting a favorable cost basis from a risk perspective. One that won't likely be tested if you are correct in analysis and one that will tell you right away if your analysis is correct or not.
If you think the move is going to be up, you don't want to wait until 13288 is taken out before getting long :). You want to be getting long in the Execution/Target Zones below.
12931 TS # LIS Friday. 12974 TS # Big Pic LIS as mentioned above. Tested down to 12760 bottom of Wednesday HOL FTD and found support. Exploded on daily forming a hammer. Very bullish short term. With that said the market is fickle of late and being moved by news. Thursday consolidation day with upwards bias. Expect more of the same Friday...consolidation to upwards bias.
YM Execution/Targets Zones:
13125 Extreme Short
13107 - 13096 Highest Odds Short FTU
13038 - 13030 Range Short
12974 Range Long
12914 - 12896 Highest Odds Long FTD
12776 - 12760 Extreme Long
Support becomes resistance and vice versa...
Trade smart and trade well!
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