Here is an updated 5 minute bar chart of the e-mini day session. I think this morning's breakout is a demand shock, although volume was not as high as I would have liked.If the breakout is indeed a demand shock then I don't think the market will spend much if any time below the breakout point, the purple dotted line.
I believe that a move to the S&P 1000 level has begun.
I get an awkward feeling when my read of the price action disagrees with Carl but I have to say that I just see prices at the top of the recent range which means my bias is short unless we break above the range.
ReplyDeleteInability to break back below 836 has made me rethink may short bias for the moment. Will sit here will flat position for now.
ReplyDeleteInteresting. If you look at a chart going back to the low at 797, it shows what appears to be an abc up, and abc down, and with this morning's pop, an abc up--completing a larger scale abc up.
ReplyDeleteMight we need to set a lower low beneath 797 before moving on?