Tuesday, September 29, 2009


Here is an hourly chart of e-mini day session trading. I think the drop from this morning' s early high at 1065.75 is over. It held support indicated by the purple dotted line and was about 12 points in extent - normal for a strong uptrend that carried upward 30 points without a significant reaction.

Over the next week the market should rally to the top of its current trend channel (green dash lines). There is midpoint resistance at 1091 so its coincidence with the upper channel line means that the market will encounter strong (though temporary) resistance there. It is also worth noting that if today's high marks the midpoint of the current upward swing then the market should soon reach the 1094 level (purple rectangles).

1 comment:

P said...

Carl any comment on the volume being so low? Just following through the Yom Kippur or perhaps something else we should read from it?