I think this market has given a definite indication that it is headed higher from here. As yet there is no visible demand shock. However, the rally from this morning's low has exceeded the length of yesterday's late rally (blue rectangles). The e-minis have put in a wide range, high volume up bar which has carried the market well above 815 resistance (red line). This, coupled with the fact that we have traded up from the open, makes me think we shall see a demand shock later today. In the meantime I think the low indicated by the purple dashed line will hold.
Friday, January 23, 2009
Up
I think this market has given a definite indication that it is headed higher from here. As yet there is no visible demand shock. However, the rally from this morning's low has exceeded the length of yesterday's late rally (blue rectangles). The e-minis have put in a wide range, high volume up bar which has carried the market well above 815 resistance (red line). This, coupled with the fact that we have traded up from the open, makes me think we shall see a demand shock later today. In the meantime I think the low indicated by the purple dashed line will hold.
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1 comment:
I have been reading you for several years now. While your buying and selling of options is interesting I never found it that helpful in my understanding WHY.
Your recent change to the adding charts, volume, resistance, etc. to graphically enhance the explanation in your comments is IMO EXCELLENT!!!
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