Monday, February 02, 2009

Near the Open

Here is a 5 minute chart of e-mini day session trading. The support at 823 (dashed purple line) has failed which means that it now serves as resistance above the market. Any rally strong enough to carry above the high of the last reaction near 827 (green dashed line) would be good evidence that the drop from 876 is over.

Right now I think the e-minis will drop to 775-90 before a sustained upswing can start.

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