Friday, January 23, 2009

Normal Rally

Here is a 5 minute chart of the yesterday's and today's e-mini day session.
So far we have rallied during the first half hour, but not even as much as yesterday's late rally (blue rectangles). There is resistance near 815 (red line). Unless and until the market can show strength on increasing volume above the red line I have to suppose that it is headed lower.
The one positive thing that I see on this chart is that the market has rallied more than 5 points from today's open (red arrow). This is a definite departure from its behavior so far in January and is a clue that buyers are interested at these levels. If they can push the market visibly above 815 I will turn bullish.

1 comment:

Unknown said...

Congrats Carl!!, you made TIME (#25, pg6)

http://www.time.com/time/business/article/0,8599,1873144-1,00.html