Tuesday, June 16, 2009

Range estimate revision

Here is a five minute bar chart of today's e-mini day session. My range estimate this morning was 910-925, but the market has been building volume as it has dropped (red slanted line). So I now think there is a good chance we shall see a print near the 900 level today (blue rectangle). Midpoint support near 903 (red dashed line ) is strong and I expect the drop from last week's high to end near there.

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