Monday, April 06, 2009

Update at 3:30 pm

Here is a five minute bar chart of the past two e-mini day sessions. Volume has been low today, a fact consistent with my view that the action over the past three days has been part of a correction within an up trend that is not yet complete.

My downside target is midpoint support near 803 as I explained in my last post. If the market is going to reach that target I do not think it will trade above the midpoint of Friday's range at roughly 833 (purple dotted line).

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