Monday, March 18, 2013

Today's action

ZB has put in a few more important price levels to be aware of for tomorrow's trading. The most important one is the 143 '24 level, which was the overnight high. Subsequently, 143 '09 has become important, first was support and is now resistance to the upside. 142 '17 is also support which has held a few times.


ES made a huge bullish recovery from the overnight lows, which by the way, will be the first target on the next downturn. However, it consistently found sellers at Friday's settlement close. I had one trade today in ES which I covered quickly for a 1.5 pt gain. I had another sell order at 1552.75 but didn't get a fill, very unfortunately.


Corn held that important 710 level which I mentioned yesterday, so my sell order below it never got filled. It rallied about 10 points off that level! 


Finally, VIX is still in strong contango, so I bought some XIV today near the day's close. To check if VIX is in contango, check vixcentral.com . Another interesting statistic is that VIX rose 18% today, which means there's over 70% odds of tomorrow closing +ve for SPX. 


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