Wednesday, July 01, 2009


Here is a five minute chart of today's e-mini day session. I thought the higher open and complete retracement of yesterday's supply shock would lead to an active, up day today. Instead we got a narrow, dull session. Moreover, the market has dropped more from its high than the biggest reaction on the way up (purple rectangle) and it has also sagged below midpoint support (purple dotted line).

Tomorrow the employment number comes out before the open. And the market will be closed Friday. So I think it is safe to guess that tomorrows activity will be concentrated in the first couple of hours of the day session. After than trading will dry up.

I think we shall see a day session range of 15 points or so tomorrow, but in any case most of whatever range we do have should develop during the first two hours of trading.

I still think the trend is up, so I am going to estimate a 915-930 range for tomorrow.

1 comment:

janet said...

I feel like the market is ready to head down here, probably at least down to 870 range..big question is where will buyers feel is good entrance?? Have a very Happy Fourth of July!! I'm Eagerly awaiting arrival of your book in the mail.