Here is a five minute bar chart of e-mini day session trading. What don't we see on this chart?This morning started out well with good volume (not shown) to the upside accompanying some wide range up bars which carried the market above yesterday's high. But after this initial surge the market got very narrow - and as I write this has failed to show any follow through to the early buying.
This worries me, especially since this morning's early low was higher than yesterday's low. The buyers should have shown up by now and the market should be accelerating upward. Since this hasn't happened I am beginning to suspect that the market will have to take a peek below 900 before a move into the 965-980 range can start. Even so, I am bullishly biased I will still lean on support at 909 (dotted purple line) for another long position. Weakness below 909 will mean that a drop to 880-890 is underway.
5 comments:
Looking more and more, then, like an ABC up to be followed by another down move.
Thanks for the guidance for tomorrow. Very valuable analysis.
Carl,
you do plenty or writing and education work for beginners. Nice that you decided to twit, even though I am not on it. Great changes! Greetings from Germany, Val
Carl,
Are you solely focused on price action and volume or do use any indicators?
Sophisticated work you do, looking forward to your insights.
hey carl
i noticed the bino's in your picture . did you spend some time
in the wheelhouse ????
i have worked on the ocean for the past 27 years . good luck with your book
joe
That's an air force uniform you see in the picture.
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