Wednesday, October 07, 2009

Update

Here is an hourly chart of day session e-mini trading. The market has been stuck in a 14 point range for the past two days and right now is trading right in the middle of that range. My best guess is that the next move from here will be upward to 1060 and higher. But if I am wrong about that the worst I see on the downside is a break to 1035 or so (lower horizontal dash line) which is support from a previous low and would also be near the lower boundary of the small, bearish trend channel I have drawn.

In either case I think that the market will soon rally to the top of the bullish channel on this chart and reach midpoint resistance at 1092. I am still looking for a move to 1120 during the next few weeks.

2 comments:

John M said...

Broke out after hours to 15875. The downward potential to 1035 looks like it isn't in play now.

Looking good here.

jeff said...

futures are up huge due to australia's unemployment decline. looks like 1092 is the next stop.