Monday, April 13, 2009

Update at 3:30 pm

Here is a five minute bar chart of today's e-mini session. I bought two units this morning at an average of 846.75 and sold them at 855.00. The market was approaching the top of my range estimate for today at 858.00 (first blue rectangle). Trading was very slow today, even slower than Thursday's pre-holiday session. I think things will pick up tomorrow, and before the move up from the March low at 666 is over I expect to see one or more upside volume climax days.

I expect to see a range tomorrow of about 20 points for the day session. The low will probably be near 848. This is midpoint support based on the reaction from Thursday's high to this morning's low. The high should be near 868, not far from the 875 level I think we shall reach this week.

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