Yahoo Finance Markets Daily Trading Tips – March 15, 2017
5 Year Daily Chart of the VX futures shows that as long as the VX futures remain over $16.28, the equity index futures will be weak. Last week we sold off in the VX futures and the markets rallied. For the VX, the next measured move up from current levels takes us to about $17.00.
For The Emini S&P (ES), as long as we stay below 2783.50, we are in a short setup for the S&P. The morning price action today may likely try a run-up into the initial resistance zone in the 2763.50 area and even into the secondary resistance line to about 2772.75 and this has been the usual practice in recent days, attempt a move up and fail to support levels. Key levels to watch for the Emini S&P today are as follows:
R3 (top resistance zone) – 2788.25
R2 (secondary resistance zone) 2772.75
R1 (Initial resistance zone) 2763.50
S1 (Initial support) 2744.50 (we stopped exactly here last night in the Globex)
S2 (Secondary support) 2735.25
S3 (bottom level support zone) 2719.75
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This article was originally posted on FX Empire
