Wednesday, July 08, 2009

Late Update

Here is a five minute bar chart of today's e-mini day session trading. I commented on the 60 minute bar chart earlier today.

As you can see the market dropped a little below midpoint support which stands at 867 (green line). No substantial selling pressure (red trendline) developed after the break (red arrows) below the May low (red dashed line).

I think this means that the e-minis are in the process of establishing an important low. Tomorrow should be a generally bullish day.


fiki said...

just found your blog a couple of days ago and really enjoy it.

you seem to expect 960-980. don´t you think the head and shoulder pattern everybody is talking about could play out?

janet said...

Could be...but we were due for an oversold bounce. Personally, I think were going lower because the range seems to tight. We attempted to break above the previous high930-950 range for the second time and failed. Of course earnings coming in will be a strong catalyst one way or the other. I received your book in the mail yesterday and I'm anxious to find some time to begin reading it.

valeriobrl said...

VIX P&F 5min avrg true range
triple bottom breakdown

All good said...

Thanks, Carl!
I am new to all this trading stuff and I guess you are very generous to give advice. Is there anyone else who does what you do? What the heck would we all do if you retire??

catherine said...

Good call of support level. I think a rally much above 900 is unlikely. Then down to 800.

sanjay said...

i agree w/ kathy..i see 890-900 most in the upswing. After that i am loading on the shorts

valeriobrl said...

-VIV 07-08-09 30min P&F avrg true range

-VIX 07-08-09 daily 2

-SPX 07-08-09 P&F 5min

Bears need to clear 32-34 VIX area, right now..They didn't