Here is a 15 minute bar chart of e-mini day session trading. My range estimate for today's day session is 912-930 (blue rectangle). Volume was not impressive on this morning's rally. This doesn't worry me yet because it is normal for volume to contract while the market is in a trading range. And I think the retrained volume of trading also reflects a general skepticism about the move up from 884.Even so, I think midpoint support at 915 (purple dotted line) will hold and if it does I expect buyers to get more interested as the market rallies. In fact, if this market is really strong it will hold the highs of the trading range established late last week near 919 (dashed red line).
In any event I think the e-minis are on the way into the 965-80 range. And looking even further ahead I think that the rally which started from the March lows at 666 has a very good chance of continuing through September.
1 comment:
Carl,
The possibility of a souble dip recession might cut short this rally by mid July. If we reach the 968 to 976 area, it will most probably be mid July. Sustaining it into Sept will require a far better news flow until then
Post a Comment