Options Rollover Day

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Volume shifts from the December 2011 to March 2012 futures option contracts today with a difference of –5.75 points from ESZ11 (December) to ESH12 (March).

All previous chart numbers have been adjusted to reflect the new contract pricing—so, for example, the resistance line from the December contract at 1275.25 is now 1269.50 on the March contract, and so forth.

ES continues to trade in the consolidation zone mentioned yesterday between 1236.75 (12/02 low) and the descending IT trend line resistance presently at 1261.50.  Bear stops would be triggered on a push up through resistance, and the bearish lower high/lower low sequence from 10/27/11 would be invalidated on a move above 1269.50 …that is a key number to watch.

ES is near the top of the Stops and Targets trading range at 1267.50

…my .02

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