Here is the chart of the last two day session in the e-minis. I have drawn blue rectangles of the same height. The first encompasses Friday's 24 hour range. The second encompasses my estimate of today's 24 hour range. I expect to be a buyer near the lower edge of this box and a seller near the upper edge.So far today volume is running below Friday's which itself was on the moderate to low side in the futures. I still think this is a sign that the sellers are running out of conviction and ammunition. A move above the 750 level on good volume would mean that better times lie ahead.
6 comments:
Okay Carl, I'm long. Now come over and help out with the heavy lifting.
Carl:
It will be tough to pick a bottom here ... it would be nice to see an hourly turnaround before buying.
Rick B.
me too ... we're at 707!!
Ditto!
Carl, I just joined in on lifting us higher...but I'm looking to get out on a new low......sorry,
Brent
Hi Carl,
Wouldnt low volume + steady drift lower imply no buyers whatsoever but sellers unloading supply with no regards to prices? Wouldnt this imply that prices have to go lot lower to attract buyers?
700 is such a magnet and I would imagine lots of stops underneath that (by buyers of today) which may cause a flush-out. I am flat, but want 700 taken out to go long.
Thanks!
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