Thursday, July 16, 2009
Near high of day
Here is a five minute chart of e-mini trading over the past two day sessions. In my last post two hours ago I said that I thought the market still had a good shot at the top of my range estimate (blue rectangle) at 935 within the subsequent hour or two. The e-minis are within a point of 935 as I write this and I see a small volume climax bar on this chart (red oval) near the high.
My best guess is that the market will stall near 935 and then break 15-20 points. A 15 point break (purple rectangle) would be as big as the biggest reaction on the way up from the 865 low.