Here is an hourly chart of day session e-mini trading. As the market approaches its upper trend channel line as well as midpoint resistance at 1054 (horizontal red dash line) it has lost much of the pace of its early advance from the 987 low of early September. The red dotted trend lines I have drawn on the chart are converging rapidly and this I think is a sign that a break of 30-40 points will begin within a day or two.Any such break should hold midpoint support near the 1011 level (purple dotted line).
4 comments:
as futia recommended, i am shorting SPY @105.75..
good luck to me
It is one thing to stop going long but going short is another story. It requires a change of trend, unless the trader is just scalping. But scalping is a "good" way to get caught against the trend, into an unintended and bad swing trade.
Carl,
I am a recent follower and am learning a lot.
Thanks for your time and effort in sharing your experience and market insights on your blog.
Carl, if we break down below 1017, we going to visit the bottom of the ugly hourly candle to 1002. It will not stop at 1011.
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