Levels to watch on YM for 03/19/07

[TinGull]

I wanted to beat Soultrader to the punch and get ya'll some levels to watch on the YM.

At 12223-12229 we've got both the daily pivot and the weekly pivot to enjoy for tomorrow's trading. Price is currently at 12211 where we closed friday.

12284 is the previous 2 days' highs. Very important level to watch there if we reach it.

The low from friday is at the 12176 mark, and we've got daily S1 at 12163, 13 points away. I think this area will prove to show some action as it's the low from the 13th and 15th and we've also got a POC from the 14th sitting at 12161.

Also, where price currently sits at 12211 is both the Volume POC and the Time based POC.

Levels at a glance:

12284
12247-VAH
12223-12229
12193-VAL
12176
12161-63

Those are my levels

[Soultrader]

Thank you for the input Tingull. My levels for today are very similar to yours.

12358: VPOC from 3/13
12325 - 12330: R2 pivot, 3/8 low, 3/9 low
12284: two day upper bracket, previous day
high and 3/15 high
12230: weekly pivot and 50% fib
12176 - 12170: previous day low, 3/13 low
12161 - 12165: VPOC from 3/14, lows from
3/1, and S1
12126 - 12116: 3/5 low, S2 (how valid is the
3/ low?)

What I am interested in seeing today is how candles behave at those levels. Couple things I will be watching for are dojis and bullish/bearish engulfing patterns at these levels. The 12230 - 12225 mark is a ultra key level I will be using as a reference point for the day.

The range from 12160 to 12176 is a little tricky today so I will not be playing anything in between. I also will not be playing VAH and VAL as well. (no guarantees though)

[TinGull]

Curious to know why you feel that area of 160-176 is tricky?

[Soultrader]

There is good support around the 160 mark.. so I would not go about fading Fridays low. Also.. this gap is pretty interesting right now as we are trading at 12260 as I post this. On the daily, there is serious accumulation indicating strength. I am looking alot on the upside this coming week..... perhaps the professionals gapped it up to eliminate supply? If not the R1 is going to act as key resistance for todays trading.

[notouch]

About professionals gapping it up, I don't think that explains many YM gaps. There's a big difference between a gap in stocks, which is created by market makers marking a stock up and a gap in futures, which doesn't have market makers. A YM gap isn't really a gap at all because it trades almost 24 hours. It's usually caused by an increase in stock indices in Europe or some economic release out of the US. It usually happens on light volume and if you look at time and sales it usually seems to be small traders causing the gap.