Here is a 15 minute bar chart of the e-minis showing all trading over the past 36 hours. Yesterday's demand shock has been completely retraced, but then so was the preceding supply shock which had started at 841. I am going to give the more recent demand shock the benefit of the doubt and will lean on 820 (green line) as my indicator of near-term trend direction. Until it is broken on significant volume I shall presume the near-term trend remains upward.
Thursday, January 22, 2009
Pre-Open
Here is a 15 minute bar chart of the e-minis showing all trading over the past 36 hours. Yesterday's demand shock has been completely retraced, but then so was the preceding supply shock which had started at 841. I am going to give the more recent demand shock the benefit of the doubt and will lean on 820 (green line) as my indicator of near-term trend direction. Until it is broken on significant volume I shall presume the near-term trend remains upward.
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