Here is a five minute bar chart of day session e-mini trading. The market has spent most of the day trading below the open (dashed red line). This is bearish behavior and makes it likely the high of the day has been seen. Volume has been on the low side all day and the market had traded down to midpoint support (purple dotted line).I think this support line will be broken later today and that the e-minis will trade down to 908 or so (blue rectangle) . If this happens I think the market will drop early next week into the 880-890 range before it can start a rally to 965-980.
1 comment:
I can't believe I never found your work before. I guess the old saw about "when the student is ready, the teacher will appear..."
That tight first 30 minute box Friday was a doozy.
Fuel was there for the surge, but my work suggested 28 first before the 33 and 11 to 12 before the 08.
The 15.5 magnet still exerted it's gravitational pull evidently.
I love your work: clean, crisp, clear.
Glad I found you on Twitter through a smart trader named @Futures71.
Happy Father's Day to all.
Rain finally stopped, time for the cookout :)
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