Here is a five minute bar chart of the day session e-mini action covering yesterday and today. The blue rectangle is my current range estimate for today. Yesterday's high was 694.75 (dashed red line) and if this upside breakout is genuine I think the market will stay above this breakout point. My best guess is that we shall see a reaction of 8-10 points (purple rectangle) from midpoint resistance at 707.
Tuesday, March 10, 2009
A Closer Look
Here is a five minute bar chart of the day session e-mini action covering yesterday and today. The blue rectangle is my current range estimate for today. Yesterday's high was 694.75 (dashed red line) and if this upside breakout is genuine I think the market will stay above this breakout point. My best guess is that we shall see a reaction of 8-10 points (purple rectangle) from midpoint resistance at 707.
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7 comments:
If i can add something...
If the ES manage to keep rallying or at least to stay above its 30min range (today 702.5)...it would be the first time since a long time.
on the other hand every time it broke this range on the down side, the market sold off sharply...
So if we manage to stay above 702.5 and better to close above this level, it would be a sign that the short term trend is reversing for real. The last time this happend was on the 24th of feb...
Just for thoughts
Ok, let's abandon mark-to-market accounting bring back the uptick rule. Hell, why not just add on aan extra zero to all the indexes, voila! brand new highs!
Who is buying all this BS?
Very interesting day. Not much selling pressure at all today and we have broken through 700 and 708 resistance points and are bumping against 713. Carl's outlook on gold from a month ago is looking better and better. Gold is rolling over and looks like it could be headed back to 700.
all i can say is
its about time . this felt good
and my cycles called for 2 yr cycle low on march 8th the market put in its low on march 6th and monday march 9th was another ending cycle , so todays market action confirms my work . if this is going to hold true then we hold up into march 16th then a slight decline ( weather a new low or not ) then an uptrend into at least june 2009 if not longer .
no one ever knows for sure yet
so far this is very constructive .
good luck carl
joe
http://www.tradersaffiliates.com/WEEKLY%20UPDATE.htm
Carl I used to hate you because you have been a bulltard since SPX 1400. But not anymore you've been objectively awesome lately.
Price is butting up against the down trend line from 2/9/09 and at your predicted high for today. We shall see how strong the demand shock is here.
"Who is buying all this BS?"
I am/did-!!
The market is ready for a rally
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