Here is a 30 minute bar chart of the e-mini day session for the past 10 days. The market dropped the second shoe, but it made a much louder noise than I expected. The drop from today's high at 858.75 carried below midpoint support (purple dotted line). Even more bearish is the fact that volume during the final 30 minutes was higher than on any bar on the chart, including this morning's demand shock.This sell off is a clear supply shock and I think it means that the market is headed down to 805 or so. I estimate tomorrow's daytime range will be 820-845.
3 comments:
Good instincts Carl. Nicely done.
That's what happens when you have so called GURUS come on CNBC and tells everyone to SELL the market...it's this exact BS that will cause the mom's and pop's out there to never invest in the market again. The disdain of having TRADERS rule and reign over the market will keep the grass roots money out..and guess what?? The market needs them!!!!
loving the market....sold the rally this morning and bought FAZ... it turned out pretty good!
Love your analysis, keep up the good work.
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