Here is a five minute chart of today's e-mini day session. After a weak start the market rallied persistently and has nearly reached the top of my 843-868 range estimate (blue rectangle). Volume has picked up noticeably today and the market has developed the widest day session range in two weeks. This supports an interpretation of today's action as a breakout from a two week trading range. If this is the correct reading then the market will head up to 910 or so before another break of 30-40 points develops.
This morning's early break carried the market down about 12 points. A similar drop from 867-68, the high of my range estimate for today, would carry down to 855 or so (purple rectangles). This is the low of my estimated range for tomorrow. I am guessing the high will be near 878.
5 comments:
I'd say you nailed that range today~
Congrats!
Thanks for a great blog! Your targets for today's trade were very helpful.
IMO: Though you have been right on the money. Short term we're done going up after friday expiration.
Gonna see some retracement starting tomorrow.
Jack
Wow, I missed typed... Meant to say we are going DOWN after Friday exp.
Jack
The market will go down tomorrow. Waiting to buy FAZ or TWM. Good luck to you all.
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