Here is a five minute chart of today's e-mini day session. I think we have seen the day's low. Why? The market broke about seven points in seven minutes on high volume right after the home sales number came out (green arrows). Normally this sort of action is followed by further price declines. But in this case the market immediately stabilized and began to creep upward. I think this shows strong support near the 905 level. So I am revising today's range estimate to 905-925 (blue rectangle).
Wednesday, May 27, 2009
Noon update
Here is a five minute chart of today's e-mini day session. I think we have seen the day's low. Why? The market broke about seven points in seven minutes on high volume right after the home sales number came out (green arrows). Normally this sort of action is followed by further price declines. But in this case the market immediately stabilized and began to creep upward. I think this shows strong support near the 905 level. So I am revising today's range estimate to 905-925 (blue rectangle).
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7 comments:
I think the market is in a bear market bounce that has just completed and now we will test the March lows. Watch.
Carl.....one thing. As far as typical Weds go, so far, this price action is a very weak display.
Your calls have been great lately, Carl. I wish I had taken your advice on the bonds and T-notes when you began saying they were headed down. The Notes have almost reached your original target of 118, which I see you've now moved to 115.
Thanks for the posts.
Carl, an explosive move to 925 is unlikely to happen because the market is not trending. It is in a trading range and stochastics is overbought even on the 130 min chart.
Yesterday's rally was caused by FED/PPT/Goldman Sucks/automated computer buying etc., because the govt is panicking. The market is set up for a violent move DOWN.
Wow, anyone have an explanation for this? Glad I sold some at 912 and just took profit.. Your comments are always appreciated Carl!
Carl is a Perma-Bull!!! Most of his longer range targets are met
Looks like bonds are crashing, no surprise since they are in a bear market as you said. Stock market doesn't like it at all!
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