Here is a 30 minute bar chart of day session e-mini trading. The market has rallied more than would be normal after a supply shock like yesterday's last hour break. Even so, I want to give the bearish case a little leeway. I am leaning on the midpoint of yesterday's range at 1085.50 (purple dotted line) and on the upper channel line of the bearish trend channel I have drawn. Any strength above the red resistance oval I have drawn will mean that the market is headed for 1120, not 1050.
Thursday, October 22, 2009
Moment of truth
Here is a 30 minute bar chart of day session e-mini trading. The market has rallied more than would be normal after a supply shock like yesterday's last hour break. Even so, I want to give the bearish case a little leeway. I am leaning on the midpoint of yesterday's range at 1085.50 (purple dotted line) and on the upper channel line of the bearish trend channel I have drawn. Any strength above the red resistance oval I have drawn will mean that the market is headed for 1120, not 1050.
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5 comments:
Carl, we are at 1087.50 and have already retraced 0.618 of the yesterday sell-off. Another bear trap? Heading to 1120! It makes my head spin.
Well, this is one sure way of changing the DNA of even the perma-bears and transform them into crazy bulls.
With all the BS already floating around, I wonder if any additional bulls will make any difference. Nevertheless, no one will ever dare short the market again.
What a racket!
wow ,this market is way unstable..just look at last few days of trading (15 min)
seems ripe for a crash..or a melt up.
In all my years of trading, I don't think I've seen markets do 360's like we are witnessing with this market... we need to be quick with the trigger!
Good Luck
don't know about others, but i feel like a rag doll with all of these gyrations. interesting that volume going down was big yesterday, yet volume up today hasn't yet been too significant.
carl, you are right..this sucker is going to tha moon..onwards to 1200 SPX..
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