Here is a five minute bar chart of e-mini day session trading. I thought today would be a bullish day with a day session range of 945-965. Instead sellers took control right from the opening. At the moment it looks like prices above the 950 level have been rejected and that the short term trend is downward. Even so, I don't see any unusual volume on this break so I think we have seen most of the day's range. I now estimate today's daytime range as 935-950.Since I am long a full position in what appears to be a downtrend I want to sell out on a rally if I can. The most I can hope for today is the midpoint of today's range which at the moment stands at 944 (purple dotted line). I am leaning on midpoint support near 936 near which I expect the day's low to develop.
3 comments:
Carl
Thanks for the heads up.....
Earlier this morning one of the market gurus (Costos), said sell into strength today and that basically the market is way ahead of itself.
Not looking good in here, just a weak bounce up to 940-ish.
Carl, any intraday volume info is always greatly appreciated. Thanks for that, and everything else.
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