Here is a 30 minute bar chart of the e-mini day sessions over the past two weeks. The move today above 827 has turned the short term trend upward. Even so, I don't yet see a demand shock in this market - volume on the breakout was modest compared with the recent past. Support is at 827 (purple dotted line), roughly at yesterday's high point. I expect to see a demand shock in the next day or so. Should one fail to develop the market would then probably make a top below 876 and then drop below 800.
Tuesday, February 03, 2009
Short term trend is up
Here is a 30 minute bar chart of the e-mini day sessions over the past two weeks. The move today above 827 has turned the short term trend upward. Even so, I don't yet see a demand shock in this market - volume on the breakout was modest compared with the recent past. Support is at 827 (purple dotted line), roughly at yesterday's high point. I expect to see a demand shock in the next day or so. Should one fail to develop the market would then probably make a top below 876 and then drop below 800.
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3 comments:
Carl,
Great work. How do you determine the support line?
Thanks,
Mike
yesterday was the key day. An unch close was not at all what the shorts expected.
Look at eur usd -up 3 figures in just over a day. As long as eur usd keep going up, stocks will follow.
My eur usd target is 1.45.
Imagine a 950-1000 target is possible now.
Catherine
Carl,
Congrats on nailing the breakout and daily high.
If a demand shock hits it may well tie into more bailout news. Like many, I'm still bearish LT but ST trading is what makes the money in this market.
Oh for the days of a nice month long trend to swing trade.
Flatlander
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