Here is an up-to-date version of the 30 minute bar chart of the e-minis I posted this morning. It still look like the third bar of the day was indeed climactic. However, the subsequent rally was very weak and this makes me think that the market will drop further, probably to 815 or so, before we see a rally of as much as 30 points. Meantime I think the 850 level will be resistance.
Wednesday, January 14, 2009
Late Update
Here is an up-to-date version of the 30 minute bar chart of the e-minis I posted this morning. It still look like the third bar of the day was indeed climactic. However, the subsequent rally was very weak and this makes me think that the market will drop further, probably to 815 or so, before we see a rally of as much as 30 points. Meantime I think the 850 level will be resistance.
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4 comments:
This bounce from the low was unexpected -After the ND broke it's morning low I thought SP would follow. Makes me think that we trade higher in the overnight sessions which set's us up for a range of 840-860 tomorrow. Still think Friday will be a strong day that takes us to 887.
Hi Carl,
We have a confirmed sell signal, but the market is also very over sold. I just went long at 833.00 in the evening session, I think we'll rally from here. Following your 5 DMA of the NYSE ADV at 1357.80, the numbers are screaming to be bought. A great indicator, by the way.
Thanks.
Kindest regards,
PM
I am confused and getting stopped out each way!
on 30-45-60min bars doubt you can make much vol strategy out of early am and/or late pm vol....every day has a suspension bridge look to its vol...old as dirt that vol peaks in am and pm...fwiw
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