Real Time e-mini S&P Trading, plus contrarian commentary on all the markets, all the time
Friday, June 19, 2009
Revised range estimate
Here is a five minute bar chart of e-mini day session trading. I think there is a good chance that we have seen the day's low. I am now estimating today's range as 918-932 (blue rectangle). The market so far has held support at yesterday's high (red dashed line). This is unusual behavior and is a sign of strength. Midpoint support is near 914 (purple dotted line). As long as this holds the trend which started from Wednesday's low at 899.50 is still upward.