Tuesday, June 23, 2009

Revised range estimate

Here is a five minute bar chart of today's e-mini day session. The market has spent most of the session trading below its open (dashed red line). This makes it likely that we have seen the day's high. So my new range estimate is 880-895. Midpoint resistance stands at 891 or so (purple dotted line). I think any rally from current levels will stall there.

I still think the e-minis are headed down to 870 or so. But I also believe that from there a rally into the 965-80 range will begin.

1 comment:

Adsense said...

well carl
i have to respect your thinking how ever the masses are already looking for lower prices
we might have already seen the lows for this reaction
good luck