Wednesday, October 14, 2009
Here is an hourly bar chart of day session e-mini trading. The market has rallied to a level just below midpoint resistance at 1091 and to within just a few points of the top of its bullish trend channel. Since the e-minis have rallied for nearly two weeks without much of an interruption I think a break of 20-30 points is likely to start soon. I do think that midpoint support near 1070 (purple dotted line) is likely to stop any such reaction. I also believe that the e-minis have a good chance of reaching 1120 by the end of the month.