Market's sometime develop habits that persist for a few days and then disappear. The e-minis rallied about 21 points from this morning's low and made a top about thirty minutes later than yesterday's high was made. Volume during the later stages of today's rally was feeble. I have a very strong suspicion that we have seen today's high and that the market is headed down to 730. If the drop from today's high carries below 759 (purple dotted rectangles) it will be the biggest reaction of the day. If it drops below 755 it will violated support (horizontal purple dotted line). I think we shall see a print below 755 during the next 90 minutes and if we do we shall have strong evidence that the drop from yesterday's high has further to go.
Tuesday, March 17, 2009
Suspicion
Market's sometime develop habits that persist for a few days and then disappear. The e-minis rallied about 21 points from this morning's low and made a top about thirty minutes later than yesterday's high was made. Volume during the later stages of today's rally was feeble. I have a very strong suspicion that we have seen today's high and that the market is headed down to 730. If the drop from today's high carries below 759 (purple dotted rectangles) it will be the biggest reaction of the day. If it drops below 755 it will violated support (horizontal purple dotted line). I think we shall see a print below 755 during the next 90 minutes and if we do we shall have strong evidence that the drop from yesterday's high has further to go.
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5 comments:
Hi Carl:
I find that the hardest thing in trading is identifying when a trend has turned. Not big trends, but perhaps the daily to intra-day ones. Your posts have been helpful in trying to identify these and I have learned a lot. Even the pros get fooled it seems. I've always wondered how something so simple, either up or down, can be so complicated.
So Carl, with today's rally now where do you see us heading tomorrow and for the rest of the week?
15:20 - Because it's the net effect of millions of participants weighing hundreds of thousands of data-points as well and their own emotions.
What a horrible feeling. Regrets. When I saw your sentiment change at 2:31pm I decided to hold instead of take my small profit. Like I said, REGRETS!!!
HI CARL
i tend to think we are on the verge of a break out to 7600 on the dow , todays rally while somewhat weak did nothing wrong and we have 5 waves up , the wave count is a bit sloppy but i can now see a 1 2 in it , if this holds ture then this market is going up in very short order
joe
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