Friday, May 22, 2009

Update at 10:30 am

Here is a five minute bar chart of e-mini day session trading. I think today's range will be about as wide as yesterday's - 15 points or so. I think we have seen the low at 882.50, so the high should be near 897 (blue rectangles).

So far the rally from yesterday's low looks like a normal correction within a downtrend from 923.50 reached on Wednesday. I expect this downtrend to drop the e-minis into the 855-65 range next week. The only think that could alter this prognosis is increasing volume on a rally above the 900 level.

Remember that the U.S. markets will be closed Monday.

5 comments:

Anonymous said...

Carl, I could not agree with you more!

We appear to be in wave C after the wave B up to 923.50.

If the ABC correction, to the up trend since March 9, will be a zig-zag, we should lows far below 875 for this downtrend.

janet said...

Carl..I appreciate your prognostication on gold, thank you for keeping that updated. Have a blessed Memorial Day holiday!! (and probably a much needed respite).

Paul Boughton said...

I have a target of SPX 853 (45'angle)then the next high @962,only one turn date next week may26/27.Paul

kcounty said...

what happens when the SP hits 952?

Paul Boughton said...

Kcounty,after the next high should be the largest retrace in this rally to date but not to new lows.Paul