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.
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4 comments:

  1. Anonymous7/02/2009 11:20:00 AM

    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?

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  2. Adsense7/02/2009 03:41:00 PM

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

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  3. Adsense7/02/2009 04:30:00 PM

    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
    joe

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  4. Denali927/02/2009 05:13:00 PM

    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

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