Tuesday, October 13, 2009

At support

Here is a 60 minute chart of day session e-mini trading. This morning the market has dropped to midpoint support (purple dotted line) while putting in a reaction just as big as the biggest preceding reaction within the rally from the October 2 low (purple rectangles). I think the e-minis will stabilize here and later today or tomorrow begin a rally. This next swing upward should carry the market to the top of the bullish trend channel and midpoint resistance near 1092.


Adsense said...

Hi carl
thought id ask a simple question
Do you or have you ever done anny research on thhe benner business cycle . it seems to me that many either dont know anything about it or just simply ignore it or regard it as old or out of date or something not needed . i have followed it for years and have researched the cycles and it has a very good track record . i bring it up cuase its next cycle high is the year 2010 with a cycle low due in 2011 and then another cycle high due in the year 2018 . obviously not a short term cycle
but something to look into

John M said...

Thanks, Carl. I was getting just a little nervous about my call options, but the market has bounced exactly as you called for.

Another great piece of work.

PS to Adsense: I had never heard of that cycle, thank you for bringing it to my attention.