I thought today would be a generally bullish day. But the break below midpoint support near 872 (purple dotted line) means that the market is probably going to retrace about half of its 48 point gain from the electronic low at 839 early on April 28. I have revised my range estimate accordingly (blue rectangle). I think the day's low will be near 865. I see no sign of a supply shock because volume on this drop from 887 has remained moderate (red lines). So it is likely that today's low is established the close will be somewhere near the middle of today's range.
Thursday, April 30, 2009
Revised range estimate
I thought today would be a generally bullish day. But the break below midpoint support near 872 (purple dotted line) means that the market is probably going to retrace about half of its 48 point gain from the electronic low at 839 early on April 28. I have revised my range estimate accordingly (blue rectangle). I think the day's low will be near 865. I see no sign of a supply shock because volume on this drop from 887 has remained moderate (red lines). So it is likely that today's low is established the close will be somewhere near the middle of today's range.
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