Here is a five minute chart of e-mini day session trading. The market was dull all day until about 20 minutes ago. Then buyers surged into the market (green arrows). The e-minis proceeded to rally above the midpoint of the past two days (red dashed line), above midpoint resistance (purple dotted line), and past the point that marked equality with the biggest rally on the way down to today's low (purple rectangles). The market did this on an almost uncorrected move from the day's low.
This looks like a decisive rejection of prices below the 930 level. I think this means that the market is now on its way into the 965-80 range.
5 comments:
doesn't it mean the market is fixed in some form....how many days have we had this absurd move near the close....it is like computers are trading the market not humans...I don't question your analysis ..it is the way these trades are painting the tape...for me I will buy dips not breakouts..and i will not be short after 3:00 PM
Hi Carl,
I think you're right, the selling is complete. The 922ish level mentioned the other day held very nicely today, we should now move to higher levels.
Thanks.
Kindest regards,
PM
According to this chart we also got rejection of 950 on Friday with about the same volume. How do you conclude that we now go to 960 and above on just one hour's worth of action today.
They will keep the market up until they're done with their secondary offerings.
http://www.theundergroundinvestor.com/2009/06/tel...
Seem to be doing it through JPM
http://www.theundergroundinvestor.com/2009/06/tel...
Although UBS got in on it today
http://zerohedge.blogspot.com/2009/06/intraday-sp...
Of course, that 4m+ share UBS buy of SPY at the close was probably just an accident, I'm sure...
...And I'm sure there's no collusion or anything either, not like these guys talk to each other or anything...
Either way, I would make sure you have stops in. When they drop the hammer it will probably be abrupt.
higher yields and the S&P 500:
http://clearstation.etrade.com/cgi-bin/bbs?post_id=9059865
Post a Comment