Here is the five minute bar chart of today's e-mini session. The market has already reached the top of the range that I initially projected (solid blue rectangle). Since a demand shock is underway I think later today we shall see continuation up to the top of the dotted blue rectangle near 725. In the meantime midpoint support stands near 705 (dotted purple line) and this coincides with a break of 8-10 points from the today's high thus far (purple rectangle).I think this is the start of a big move, probably as one as big as the November-January rally which was about 200 S&P points. The first really strong resistance on the way up is near 740, the level of the November low.
1 comment:
how do you determine that a large volume move that accompanies high bar of the day is a demand shock instead of a large volume reversal?
In other words, what makes you believe that the large volume move that occurred at 11 am today is a demand shock and not indicative of a reversal?
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