Thursday, January 15, 2009

High Volume Buying

Here is a 30 minute chart of the e-minis showing the entire drop from last week's high at 942.75. The market just put in a wide range, up bar. Just as important is the fact that the buying which produced this rally occurred on the highest volume seen on any up bar during the entire drop.

I think this means that the market is about to rally at least 40-50 points. If I am right about this then I don't think the market will trade below 818.
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2 comments:

  1. Anonymous1/15/2009 02:35:00 PM

    Notice that SP futures and SPX stopped short of reaching that -10% ytd area...

    I think the low is in. Looking for 885 by Friday's close and 945 next week.

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  2. Anonymous1/15/2009 02:56:00 PM

    How much should be the size of the bar and the volume with it.

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