Emini ES Weekly Range the Eminitradingschool is Day Trading

The Emini Trading School sees the March 2011 ES Emini contract trading in a range from 1273.00 to 1306.00 for the balance of this week. If the emini market were to go any lower, we see support at 1264.75 and if the market were to go higher there is resistance at 1314.25. We will be using these numbers as guidance in our emini trading room with our market profile trading. The Market has retraced everything it gave up last Friday and then some. We view Market Profile as working in any timeframe so it will work in a weekly timeframe. Our calculations are based on a compilation of data along with known Market Profile Support and Resistance levels. We look at previous weeks and determine a weekly range and then based on the early trading this week and key Market Profile charts we determine the weekly range that we will be looking for the balance of this week. We have established a new high for the year again this week. The market continues to look strong but a retracement would not surprise us either. The market opened Sunday at 1269.50 and we could see that level again before the week is out. We remind you though to day trade based on what you see not on what you think.