Here is a 5 minute bar chart of e-mini day sessions. I am long a single unit from 768.00. I think the trend is upward and it generally makes sense to get long near the open in such circumstances. If we are going to the top of my range estimate for today (blue rectangle) the market should go no more than 8 points or so below its open at 769.I have drawn what I think should prove to be three important support levels that I expect to stop the reaction from yesterday's 677 high. The lowest of the three is the purple dotted line that represents the midpoint of the reaction from Monday's high to yesterday's low. The green dotted line is the midpoint of yesterday's range. Finally, the blue dotted line is the midpoint of yesterday's afternoon reaction.
So far today the volume is lower than it was yesterday when the market was rallying from its early low. Any pick up in volume which accompanies a drop below the support levels I have just cited would make me believe that the day's high is in place and cause me to revise my range estimate.
1 comment:
Carl I find your work most helpful. However I just wanted to mention that you posted this at 10:31 and I am sitting here clicking refresh every minute or two and I was not able to view your post untill 10:43. Any suggestions for faster access would be very much appreciated.
All the best,
Ron
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