Here is another look at today's e-mini wave chart. The market has moved visibly above my estimate of today's high which was the 800 level. The market has retraced more than half its drop from the high at 830.50 last week. The current up wave is the biggest of the day. Volume has shown a definite tendency to increase on the rally over the past 90 minutes.I think the picture is now a bullish one. I now estimate a 25 point daytime range for today with a high near the 811 level (blue rectangle). Support should be near the 794 level (purple dotted line).
The upside target for the next week or so is 875.
10 comments:
Volume on the SPY is about half of what the average is. This is all end of quarter window dressing. Tomorrow is the real story.
need log-in for chart list
Chart list log in problem fixed.
Almost got that 808. Short scalp possible 808 area. But gap-up likely in am to test 810-820 prior congestion area. fwiw
Love this rally of the DOW30 or should I say DOW5 (3 banks, AA,and MSFT). Doesn't thrill me any.
Carl,
Do you use Tick in your trading?
Some of this uptrend is clearly end of quarter marking. Volume has been increasing but is still rather weak. Then again, volume was low yesterday despite the big down day. I'm decidedly in the wait and see camp.
Time to close 808 area short scalp and go long 800 area. Close near highs 810 area possible. Gap-up in am will be nice to take profits after qtr-end window dressing. Perhaps real correction begins then.
Overhead supply rearing its head? Volume-accompanied pace of drop from highs perhaps is a tell.
Crazy end to the day...
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