Mark Shore: emini DJ Futures Update
February 25, 2010 3:30 AM
On 2/11/10 we received a signal to go long on the emini DJ futures (basis March). Since 2/18/10 the market has moved sideways as it reached a major resistance point. Our initial goal for this move was 10338 to 10429. At this time the high of the move has been 10434.
2009 ended the year at 10387. Now that the market has returned from the 2010 low of 9791 on 2/5/10, the market is struggling to decide if it should move higher. As some of the recent economic reports have disappointed expectations, it's just one more reason for the market to struggle in its decision of direction.
The market will be looking next to the initial jobless claims and durable goods orders for an idea of direction.
The market needs to break above 10380 for the next up leg to be possible. Then our next goal would be 10520 to 10570.
The first level of resistance is 10370 to 10400. The next major resistance level is 10420 to 10450.
The first level of support is 10290 to 10258. The next level of support is 10205 to 10170.
