Channel Guy Trader: /ES S&P 500 Futures 4hr Technical Chart ** Morning Update ** 05/06/2011



4Hr /ES S&P 500 Futures Chart



Morning traders, let me start off by saying I had a lonnngggg nite yesterday partying for Cinco de Mayo so today is going to be a relaxed day. I sold my JPM Calls for a small loss and got short MON May 65x puts. Not the perfect entry but will watch them. I am watching the 145x May AAPL puts and I am also watching my MON on the open. These are the levels to watch as we are awaiting the Employment numbers. The main level that needs to break is 1335 and then we can get a move down to 1327 and possibly lower. If we hold this level then we can rally back towards the 1350 area. Numbers will be out in about 3 min so hold tight. GL

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