Friday, June 12, 2009

Trading around support

Here is a five minute bar chart of today's e-mini day session. I estimate midpoint support stands at 936 (red dashed line). The day session open was 935.25 (purple dashed line). The market has spent more than half the session today trading above the open, a modestly bullish development. The center of the day session range so far is just about at the opening price.

Overall I'd say the market is currently holding support and promises to move higher from here. I am now estimating today's day session range will be 931-945. If the market stays above 931 for the rest of the session I would take this as evidence that the sellers have run out of ammunition and that a move into the 965-980 range is imminent.


PM said...

Hi Carl,

This market is running out of time. If September does not close above 950.20 on June 18th, which is next Thursday, then my model will issue a confirmed sell signal.


Kindest regards,


Kishore said...

Carl, I was afraid to go long, as you did, at 936, but, once again, you were right!

However, the current move up to 942 does look only like a retracement of the move down to 931.25, or is it a motive wave up?

stacy said...

Thanks Carl. Excellent call today. This convinced me to exit short positions in the am and ride the longs later in the day.

dcatlowpj said...

Well, Carl, you called it all, will the next leg up hold!

The market was so thin on Friday, that I bailed before lunch, EST.

dcatlowpj said...

Nice call, Carl....I was out before lunch. Thin trading kept me sidelined. Hopefully next week we will see some "momo."