Here is today's e-mini wave chart. I am still sticking with my guess of a 25 point day session range with a low at 699 (blue rectangle). If I am right then the midpoint support (purple dotted line) defined by today's early reactions will hold. On that hypothesis I bought a single e-mini unit near the red arrow.At this juncture any material weakness below the purple dotted line will probably mean that the day's high is in and that the market is headed down to 690.
The market really wants to move higher but the financials are really holding the market back. It will be interesting to see how we react at the high of 714.62 (assuming it gets there)
ReplyDeleteCarl
ReplyDeleteI added on at 712.75 looking for a new high very soon, moving the stop up to 708.00
Brent
Ps; great call when you got in
Carl, do you think 724 is still possible today? We broke the previous resistance but could not stay above it. My concern is do we continue to rally here and make new highs or selloff?
ReplyDeleteCarl,
ReplyDeleteYour range estimates have been spot on. Great analysis.