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.
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.
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