Here is a 30 minute bar chart of the June e-minis over the past two weeks. Earlier today I said that I expected to get short a little above the 740 level late today or tomorrow. But today's action has not given me any reason to think a shortable top is at hand (see my last post). Instead I think the e-minis will continue higher later today and tomorrow. I see resistance in the 755-60 range, the midpoint of the February 23-26 rally. From that level I think a break of 40-50 points is likely to develop.
Thursday, March 12, 2009
Headed for 755-60
Here is a 30 minute bar chart of the June e-minis over the past two weeks. Earlier today I said that I expected to get short a little above the 740 level late today or tomorrow. But today's action has not given me any reason to think a shortable top is at hand (see my last post). Instead I think the e-minis will continue higher later today and tomorrow. I see resistance in the 755-60 range, the midpoint of the February 23-26 rally. From that level I think a break of 40-50 points is likely to develop.
I like your analysis. It did seem fishy the slow grind up...it has been a long time since the market has done that...
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