Here is a 30 minute bar chart of the last 10 e-mini day sessions. The market was dull today, trading in a narrow range which was centered right at the midpoint of a bigger trading range (red rectangle). I think there is going to be a substantial move from here. The trouble is that I can't tell which direction is the more likely one.I plan to follow the direction in which activity increases. A break from here would carry the market down to midpoint support near 875 (purple dotted line). A rally would carry it up to midpoint resistance at 952 (heavy red dashed line).
4 comments:
The direction is down..oil and financials have joined the Nasdaq to turn down
2c
That 875 level looks like a good retest level in the nearterm, question is will it hold??
2cents,
I would disagree with you there. The obvious early morning and late day weakness that was on display for all to see today was just another attempt to mask true intentions. Any early weakness tomorrow, especially in oils, financials, and tech should be used to accumulate positions that you can flip out of later in the day or at tomorrow's open. Bc just when it appears they're a thing of the past for now, we'll more than likely get another one of those aren't we done yet, head scratcher kinda short squeezes that materializes out of thin air on light volume. Besides, it IS opex week isn't it?
ABC correction, before the next rally, I think.
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