Here is an updated 5 minute bar chart of the e-minis. The market gave up all of the advance associated with a demand shock that started from the 815 level. However, the volume on the break showed a modest tendency to drop while the latest rally from shows higher volume than on any bar during that drop. So I am going to stick with my view that the trend has turned upward and that the 797.50 level reached on January 20 will hold. If I reading things correctly the market should start upwards from tomorrow's open and stay above it all day.
Thursday, January 22, 2009
Late Update
Here is an updated 5 minute bar chart of the e-minis. The market gave up all of the advance associated with a demand shock that started from the 815 level. However, the volume on the break showed a modest tendency to drop while the latest rally from shows higher volume than on any bar during that drop. So I am going to stick with my view that the trend has turned upward and that the 797.50 level reached on January 20 will hold. If I reading things correctly the market should start upwards from tomorrow's open and stay above it all day.
Subscribe to:
Post Comments (Atom)
3 comments:
Maybe, but only if we can climb back above the 847 level.
Given the inability to hold the earlier breakout and the reluctance to buy the pullback I think the market has more work to do on the downside.
me too Carl, thinking to add at the opening. This inability is just panic selling , clearly market is short term oversold. When bonds hit support, then you have to worry
Carl, congratulation on being listed by 24/7 Wall St as one of the top 25 finance blogs on the web!
http://www.247wallst.com/2009/01/it-has-been-ove.html
Keep up the good work.
Jeff
Post a Comment