Here is a five minute chart of today's e-mini day session. It has been a peculiar day. I would have thought that a break above the January top at 942.75 would have attracted a lot more buyers and /or sellers than it apparently did. As far as I can tell, volume today was only moderate. I think this means that the market will have to go still higher to get sellers interested and to force the hand of reluctant buyers.In any case I think tomorrow's daytime range will be 935-955. The top end of the range is just a little above the midpoint resistance at 952 which arises from bisecting the October 2008 rally from 837 to 1067.
The market didnt reverse at the time slot but it sure exploded,I have 3 extensions in price from the low,927,962 and 1078,the last time extension is the end of july.Paul
ReplyDeleteSPX makes a new high, but VIX does not make a new low, and XLF does not make a new high. I'm concerned that this is a fake move.
ReplyDelete