Here is a five minute chart of today's e-mini day session. I think the drop from yesterday's high of 949 is nearly over. Today was a very dull trading session, one notable for a lack of buyers rather than for any aggressive selling. So I think this market will soon start a move to new highs for the three month rally. I estimate tomorrow's daytime range will be 919-935.
Wednesday, June 03, 2009
Scraping bottom
Here is a five minute chart of today's e-mini day session. I think the drop from yesterday's high of 949 is nearly over. Today was a very dull trading session, one notable for a lack of buyers rather than for any aggressive selling. So I think this market will soon start a move to new highs for the three month rally. I estimate tomorrow's daytime range will be 919-935.
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It was one of the stranger down days we have had in some time. No energy, very slow. You would have expected a bigger battle from both sides.
I was short from Monday and just kept covering as we went down (thanks for the 922 range idea)
I covered 70% of the position and I am now scratching my head as to what we witnessed - It could well be that 922.50 was the bottom. All depends how we open tomorrow.
Thanks as always for your helpful perspective on the markets
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