Wednesday, July 08, 2009

At Support

Here is an updated 60 minute bar chart of day session trading in the September e-mini contract. As you can see the market has dropped to midpoint support at 867 (green line). The break below the May lows (red dashed line) has so far not brought out any unusual volume of selling (blue oval).

I think today's low will probably be near 864 and that the market will soon start building a base from which will produce a move into the 965-980 range.

1 comment:

John M said...

Thanks for that 867 target. Worked very well for getting out of a short position and climbing into an intraday long that's worked very nicely, too.

Thanks, Carl!