Sellers in Control

Here is a 15 minute bar chart of the e-minis for the past 3 days. It comes courtesy of Linnsoft's Investor/ RT charting program. This software does real time charting using your preferred data feed. I like it very much.

In this morning' s guesstimate (sorry for the screwup and delay in getting it posted !) I said that I expected the e-minis to rally out of yesterday's trading range. But sellers showed up again during the first hour today. Today's first hour volume is visibly higher than yesterday's at the same time (red arrows). It is even higher than near yesterday's close, an unusual development. Note that the high volume bar near yesterday's close was also a down bar. Finally, selling came into the market today at the same level it did yesterday, so I conclude that the same sellers are getting more aggressive and haven't yet run out of ammunition.

For these reasons I am revising my day session range estimate for today to 890-913 ( blue rectangle) and am assuming we have seen the day's high already. If I am right about this then this reaction should carry the e-minis down to 875 over the next couple of days.