June 13, 2006 - Sep. E minis futures contract Weekly chart analysis.
#1 Price Map from May 2005
#2 Price Map from October 2005
First and foremost ‘magnet’ for price is a #2 Price Map ‘HOLE’ 1243.00 as top of the HOLE, and 1237.75 as bottom of the HOLE. The Hole is clearly visible as displayed by #2 Price Map. These two price levels will sever as imminent targets, and later, 1238.00 as support, and 1245.0-1243.00 as pivot.
However, #1 Price Map suggests 1227.75 support (near term target) because it matches the peak of Red Value Zone at 1228.50. This price level has triple confirmation visible from the October 2005 Floating Pivot and ˝ Width distribution, minus 1 standard deviation of #1 Price Map.
Considering resistances, nearest is shown by #1 Price Map at Purple Value zone bottom range at 1258.25 and top range at 1267.50
The bottom #1 Price Map fully extended Value distribution is at 1269.75 Strong Resistance is confirmed twice by bottom range clearly visible Red Value Zone of #1 Price Map at 1283.75 and as August 2005 and May 2006 Floating Pivots.
Conclusion:
Strong mid term support and mid term target: 1228.00 1227.50
Short term support: 1238.00
Short term resistance: 1258.25 – 1267.00
Strong mid term resistance; 1282.50
Bias: Short until 1243.00 – 1238.00
Long from 1238.00, with stop bellow 1235.00 (if established 2 or more hourly bars on close).
Target 1258.00 and 1267.00 second target.