I don't have time to prepare a chart for you but I want to explain why I just got out of my long position.
The market made a low around 12:30 pm and then proceeded to rally for nearly two and 1/2 hours. Volume was low all during the rally, even after 2:30 pm when the volume normally picks up. This was an unusually long (in time), low volume rally. It would have been far more bullish for the market to make new daily highs within an hour of its 12:30 low and show visibly increasing volume on the way up. Since this didn't happen and since the market was only a little shy of the 952 midpoint resistance level I decided to accept a small profit and see what tomorrow brings.
I think that tomorrow's range will be 940-960.
2 comments:
Carl
Excellent trade given the range and volume!
Brent
A point of interest on the 5 min bar chart posted below,the market went nowhere but look at the action,Emini follows the spoos where daytraders enter the markets on stops,they layer the market with stops a high is made and buy stops go over it,a low is made and sell stops go under,these guys lost today,look at the cleanout bars,one down at the start of the square and one up at the red arrow and back to flat.lol
Post a Comment