Here is a five minute bar chart of the past two e-mini day sessions. I am long two units purchased at the red arrows. The reaction from this morning's high has dropped the market almost as much as the reaction from the top of the late rally Friday to the low near the open today. Moreover, midpoint support based on that same reaction stands at 681. This combination means that there is strong support in the 681-82 range. If we are going up to 705 today this support will hold.
Monday, March 09, 2009
At Support
Here is a five minute bar chart of the past two e-mini day sessions. I am long two units purchased at the red arrows. The reaction from this morning's high has dropped the market almost as much as the reaction from the top of the late rally Friday to the low near the open today. Moreover, midpoint support based on that same reaction stands at 681. This combination means that there is strong support in the 681-82 range. If we are going up to 705 today this support will hold.
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1 comment:
hi carl
thought id post something i see on a 3 mionute dow chart of todays market action . the dow is swinging off of each 21 3 minute bars , so far we have the high of the day bringing the dow down to a 50 percent retracement in 21 3 minute bars then a 58 percent retracement in 21 3 minute bars
the next 21 3 minute bars would be
at 1027 pacific time and 2 equal legs down w2ould bring the dow to 6538.85 . using another analogy
the dow fell to the 50 percent retracement and bounced the square root of 50 percent is .707 a .707 retracement is 6540.78 . and to add to this the dow from its lows on friday rallied for a total of 29 3 minute bars a 3.236 tim e retracement brings the next time line at 1030 pacific time .
to sum this up ill be looking for support in the 6538.85-6540.17 price range into the 1027-1030
pacific time .
if this hold true then the next move up would take the dow up towards 6780 before todays close
way to soon to call it but that would be what id expect
joe
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