Here is a five minute bar chart of day session e-mini trading. I think the market will find support in the 797-801 range. 797 is midpoint support (purple dotted line). 801 is the midpoint of yesterday's day session range (dashed red line). My range estimate for today is now 797-827 (blue rectangle). I think yesterday's last 30 minutes of trading was a buying climax. If I'm right about this I don't think the market will be able to move much above yesterday's 821 high for a few days.
Tuesday, March 24, 2009
797-801 then up
Here is a five minute bar chart of day session e-mini trading. I think the market will find support in the 797-801 range. 797 is midpoint support (purple dotted line). 801 is the midpoint of yesterday's day session range (dashed red line). My range estimate for today is now 797-827 (blue rectangle). I think yesterday's last 30 minutes of trading was a buying climax. If I'm right about this I don't think the market will be able to move much above yesterday's 821 high for a few days.
Subscribe to:
Post Comments (Atom)
2 comments:
Hello Carl, the stock market remains in a bottoming process and the odds favor that we are going to have another "test of the lows" before an adequate bottom can be established. In other words, this rally isn't the one that takes off into a new Bull market leaving everyone behind.
Moves like yesterday are not the by-product of a naturally flowing stock market going through a "process". On the contrary, yesterday was an event induced market move, triggered by the Treasury and Government. Government or Fed interference has never changed the market's need to move through a sustainable process in changing market directions.
cheers
Susn
Hi Carl & Friends,
Chances of market going into green today are high but it will be marginal one. After today, the market seems to be in a mood to correct "lightly" for 3-4 trading sessions before starting its journey ahead. I also feel that balance months of this year will be reasonably fruitful for Investors / Traders and we'll not be complaining on percentage gains at the end of the year. In all, this year will be a satisfactory-one and those who left this rally like Susn will get a good chance to ride the bus once again "but definitely nowhere near recent lows". Its my strong belief that market will remain well above our recent lows & it will remain a good tradable market.
Regards,
Post a Comment