Naturus.com Day trading the SP 500 e-mini Outlook for the week of April 28, 2008
The S&P 500 ($SPX) closed at 1397.85 on Friday, net gain 7.52 points for the week. That is the highest close in about three months. Though $SPX dipped several times within last week, every dip was bought for high closing.For the bullish case, $SPX is back above 89-EMA (green line), also above 20 and 40-EMA line.
Last Friday ES gapped up on the open. As soon as it filled its daily gap, it reversed for a high close. That was a bullish move. Though the volume is lagging somewhat, the price remains high and closing at high encourages the late-stage buyers. Today we may see ES attempt to breakout the top range and move up to test long term resistance around 1420-22 area if it breaks the 1412.50 line, to set up the higher price before FOMC announcement. In the alternative, ES may remain below 1408-09 level to consolidate one more day near last Friday's high range to wait for FOMC on Wednesday.
Type Number Outcome (points)
scalping calls 35 82.25
position swing calls 3 1.25
method calls 7 -5.25
