Trading volume in the e-minis today has been lower than yesterday's at the same time. This is evidence that this move down from 942 is corrective. The market just moved above the 900 level and I am guessing that it will rally about 15 points from this morning's low at 891.50 before turning down again.
I still think we are headed for a higher low at 875 or so. I expect this level to be reached tomorrow or Monday.
5 comments:
Hi Carl,
I agree, this is only a corrective phase since the SP's were way over bought. I covered my short position almost immediately and resumed my long position.
At this point, I don't suspect we'll see 875.00, although the market cares very little about what I suspect.
Thanks.
Kindest regards,
PM
Carl
Thank you for expressing your opinion. I personally do appreciate it.
I have a slightly differing opinion; take out yesterday pit session high, sell off and extend the sell to your 875 in the last approx. 45minutes of trade.
Keep up the good work!
Mike
just keep buying. when it blasts off it will be too late.
carlos
i took a bullis position near the open and then bailed for a break even on the day . i dont day trade very often . i pre fer longer term swings . wednesday next week the bearish cycles begin to increase
and my bias is for a short term bounce from todays lows into next week followed by another decline which could bring the dow down as far as 8100 . between now and mid march we will be dealing with several bearish cycles .
it is still to soon to call the bottom in place , the nov 21 lows
if taken out will be for me the signal that the bear mkt is over
if we fail to take out the lows yet test them in mid to late march
even better . yet my bias right now is we are in a short term topping process and weather we make a new swing high or not over the next several trading days would only bring in some more bearish divergences , so i would like to see a strong rally begin from todays and then end next week
im not bearish per say . just not convinced we have seen final bottom yet .
good luck
joe
Dear Carl
how can I buy these long and shorts of this S6P mini ?
BR
Jojo
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