Here is a five minute chart of today's e-mini day session. It has been a day characterized by a few quick but shallow selling spasms separated by listless, sideways trading. Activity has been much lower than yesterday and about the same or a tad lower than on previous down days within this three week trading range. This is consistent with my hypothesis that we are seeing consolidation, not a reversal, and that the market will reach the 950 level during the coming month.Meantime I think the e-minis will probably drop into the 855-65 zone before beginning a sustained rally. I estimate tomorrow's range will be 870-890 (blue rectangle).
5 comments:
not 830 and then to 950?
Hi Carl,
I covered my 900.00 short at 888.00 and went long at 889.00 for what it's worth. Tomorrow, I'll need a close below 877.30 to get me short.
Thanks.
Kindest regards,
PM
PM:
I appreciate the interest you have shown in my blog. However, I think your posted trades are basically a distraction from my own message. So, with respect, I would ask that you not to post your trades in my comments section. You are of course still welcome to offer your market opinions, as are all of my other readers.
Carl
My take is 870 is a must visit but in order to go up to 950, it has to hold. If it goes to 850, the trend is already reversed.
2c
Hi Carl,
Your point is well taken, and I am happy to comply.
Thanks.
Kindest regards,
PM
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