14309, 14148, 14141, 14099, 14078, 14055,14021, 14014, 13992, 13977, 13965, 12947, 12939, 13924, 13913, 13892, 13874, 13858, 13836, 13813, 13787, 13773, 13740, 13726, 13709, 13695, 13680, 13661, 13644, 13631, 13601, 13573, 13523, 13504, 13488 Support / Resistance on the YM Emini Futures
YM Contract Notes: Per last week's TS TradePlan Contract Notes if the 2/19 BIL high over the 2/13 high was a true BIL then we would likely top out by Thursday 2/21 and be heading down by Friday. That was from Wed Contract Notes. We got a slightly higher high Wed followed by selling Wed / Thursday (though Thursday had the stick save on YM). Then Friday we got squeeze back but still no new highs over Wed 2/19 high (couldn't touch 14K Friday).
In front of the Sunday Globex open it makes sense that we would either get the drift down Sunday/Monday to open Monday cash back around 13874 - 13836 leaving the weak shorts from Friday going "what happened" or we hold Range Long and move up to make another new yearly high. There is a LOT of data this week. Three White Soldiers (starting Friday) could be the blowoff BIL that this rally needs to get a retrace.
Macro Technical View: May want to check chart of Feb 27, 2007 and move that preceded it.
Since the end of 2012 it has been in the Contract Notes that over and holding 13245 and we likely get new all time highs in the Dow. Three big extended up targets have been hit since 1/8/2013 when TS TradePlan first called for swing longs: 13523, 13836 and 13992. New all time highs in the Dow are only 200 ticks away so do we get a retrace before making a stab at new highs or do we just keep charging up?
I don't know what will happen but still favoring shorts looking for a BIL high to short and targeting tests of 13836 initial (We got that Thursday 2/21/13), 13523, and potentially 13245 (LIS for new all time highs) below. Note what I said about potential for 3 white soldiers above. Also of note that no major crash has taken place without first making new all time highs so if we get a retrace from this high prior to new all time highs it is very likely proceeded by a march to new all time highs. Think dow cash in terms of down to 13,133 and up to 15,218 + as about max move size from here at 14K on 2/24/2013.
YM Execution/Targets Zones:
14148 - 14141 Extreme Short
14099- 14078 Highest Odds Short FTU
14014 - 13992 Range Short
13924 - 13913 Range Long
13836 - 13813 Highest Odds Long FTD
13695 - 13680 Extreme Long
Support becomes resistance and vice versa...
Trade smart and trade well!
TS TradePlan for ES YM 6E GC CL + TS Trades (Live Trade Alerts / Market Commentary / Private Twitter Feed): www.tradersmarts.net
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