Here is a five minute bar chart of the e-mini day sessions. The market held the lower support level that I mentioned in my last post and has moved above resistance at 762 while showing a modest volume increase. I think the rally from the day's low is bigger than we would have seen had the sellers been in control of this market. So I am guessing that any reaction from here will send the market down 8-10 points (blue rectangle) and be followed by more upside action later today.
Wednesday, February 25, 2009
Update at 11:50 am
Here is a five minute bar chart of the e-mini day sessions. The market held the lower support level that I mentioned in my last post and has moved above resistance at 762 while showing a modest volume increase. I think the rally from the day's low is bigger than we would have seen had the sellers been in control of this market. So I am guessing that any reaction from here will send the market down 8-10 points (blue rectangle) and be followed by more upside action later today.
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3 comments:
There is going to be heavy selling towards the close. Its pretty obvious you notice the obvious after it has happened..like the selling on the news today..if it was happening everyday then why not wait till the news before buying..So if you havent noticed..continuation has been the theme of late..and the closing will
continue what has been started..Everything has a reason dont try to outsmart it by thinking ahead..
Agreed with rally later, feel yesterday was a short term bottom. Must thank you for your website. You remind of the fact I forget the market moves in waves when my emotion takes over and exit positions too soon. I have enjoyed charts and more profits.
I am a fan of your blog! I'm learning a lot. Keep the good work! I wanted to send you a BIG THANK YOU!
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