It is very unusual for the e-minis to show only a single wave during the first four hours of any trading day, but that is what we have today. This kind of action indicates weary but persistent bearish sentiment in the market. Volume isn't very high but this may change if we take out the November 21 low at 739.I am guessing that the 739 low will hold. I estimate that today's low will be as far below Friday's low (red dashed line) as this morning's early electronic trading high at 786.50 was above Friday's high of 779.50. This would put today's low (dashed green line) at 745.50.
6 comments:
i am very disappointed--u have been continuously trying to call the bottom without any success..I also dont see the point--being a trader why dont u just focus on making money..S&P 687 looks more possible
carl,
on your last post, you mean 745.50 don't you?
he provides reasoning for his positions at least and the market did have a nice bounce off 765 this morning which was good for a short term trade.. how about before you criticize you support an arbitrary number such as 687 with some reasoning... although, carl is an optimist is support and resistance points have been bang on and great for trades.. if you don't like what you see, then go somewhere else!
Dear Carl & Friends,
One should start buying between S&P 745-750. To me, this range is going to be the bottom today.
Regards,
I think the next target to focus on is 758 for after 744.
//GC
so i guess now is the time to buy then eh? What a horrible few trading sessions.. I really thought last week 765 was going to hold and then I thought 745... now Carl is saying 725-730.. i think I will just wait this one out... Carl, what happened to the greatest rally in the past 9 months that is suppose to be happening
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