FINZ Futures EP.2: S&P 500 E-Minis Double Bottoms Day and NightEven if you don't trade futures, futures levels are important to watch, especially the overnight highs and lows (support and resistance). Futures levels are often tested and retested whether overnight or during regular trading hours. So if the retest occurs during regular trading hours you better be ready! Latest manifestation of important futures levels occurred overnight Monday morning at 2AM. The S&P 500 futures tested last Wednesday (7/8/09 2PM) lows of 865. The S&P 500 futures held the 865 level, forming a double bottom on the 1-hr chart and a potential for a strong up move with a stop below 865 for a good risk-reward trade.
Since then, the market has bounced and rallied 40 S&P E-mini points for a possible $2000 profit on just 1 S&P E-mini contract.
**Disclaimer: No positions in futures or cash products mentioned as of this video (7.14.09)**
**Futures Charts courtesy of ThinkOrSwim.com**
**"Snap back up" "SOAP Buy" and "Ice Hole Failure" trading methods as taught by David Elliott of ...
