The market absorbed two episodes of fairly aggressive selling today, both starting at about the 940 level. The interesting thing to me is that neither episode was able to push the e-minis below yesterday's close, to say nothing of yesterday's low.
I think this has bullish implications. I expect the market to move higher tomorrow and I think the next short term target is 965.
In the meantime it would take some high volume selling below 920 to make me think the market will first drop to 875 before resuming its rally.
1 comment:
Hi Carl,
I appreciate these intra-day and after-day posts where you give your opinion on where the market is headed near term. Very useful.
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