Thursday, July 02, 2009

Headed for 870

Here is a 15 minute bar chart of e-mini day session trading. The first 15 minutes of today's session saw a break below 903 support on high volume (red arrows and oval). This tells me that the e-minis are headed for the 860-870 range. I now estimate today's day session will extend from 892 to 907 (blue rectangle). I think trading will become narrow and dull after 1130 ET today because of the upcoming long weekend.


Kishore said...

Carl, heading for 860-870 can happen only if the June 23 low of 884.25 is broken. What if it is not broken and the market turns around. Are we then heading back to 965-980? Or, is going to 860-870 a prerequisite for the rally to 965-980?

Adsense said...

hit carl
The desire to buy lives on today despite the decline the advance decline chart on the nyse has been rising all day

Adsense said...

Hi carl
just a though here but something i have been watching for months now
the pattern from the 2007 top could very well be a very large inverted 3 peaks domed house pattern ( a bearish pattern )
if this is so then we most likely
completed point 3 in march 2009
point 4 is now complete and we are heading back towards the 2002 lows
on the dow near 7100 in point 5
then a bounce in point 6 into early 2010 and point 7 in mid 2010
then points 8 9 10 up towards 12000
into 2013 . hence we may find ourselve in a sideways trend for the next year with the dow stuck
between 7000 and 8800 9000

Denali92 said...

Good call on the range today. Market is very tough on trend traders as it really has been a range trade since May - not fun, unless you are a real contrarian day trader