Thursday, June 11, 2009
Revised range estimate
Here is a five minute bar chart of day session e-mini trading in the September contract.
I now think today's range will be about as big as yesterday's (blue rectangles), so 936-960 is my revised estimate for today. There were two electronic highs in the September contract at 959-961 so that area is likely to attract some selling. (added later - Not true. I screwed this up by calculating the Sept-June spread incorrectly. The highs I cited were at 951 and 953 - just about where the market is as I write this addendum.) But I do think this market is headed into the 965-980 range before a break as big as 20 points develops.
Support for the rest of the day is near 943, the midpoint of the day's early reaction (purple dotted line).