Here is a five minute bar chart of the e-minis covering the past two day sessions. Today's range estimate appears as the blue rectangle. The lower edge is at 775 and I think the market will be a buy there for a rally to 805. I do NOT think the first 30 minutes of trading today is the start of a supply shock. Volume is visibly lower than on yesterday's potential supply shock which was negated when the overnight trading range extended above 792.My best guess is that the market will experience a several days of basically sideways action before it moves up towards my840 target.
5 comments:
carl
to soon to call it but this is begining to look like a narrowing
triangle from yesterdays late day low. if we hold todays lows and go back up to test the 800 price area
then somewhere near 791 would be the end of this reaction . i tend to think it will fail but something to consider
joe
hey carl why do u think gold will go to 700 with the current fed move and it holding its uptrend line?
Another nice S&P call Carl. Most helpful.
Thanks,
Ron
Carl:
looks like the low is in at 778
Carl,
We need about 10 more days like today, then everyone throws in the towel, then Bennie prints more money, then everything is hunky dorey and finally the new bull market begins, huh?
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