Here is an hourly chart showing day session e-mini trading. When the market broke out above Friday's day session high of 1088.25 after today's pit open I decided that the early morning low of 1076.75 ended the drop from Friday's electronic high of 1095.50.My upside target (purple oval) sits between two upper channel lines (green dash lines) in the 1100-05 zone.
I think it likely that the next several trading sessions will see a lot of up and down activity without a lot of net progress past 1105. For the moment support beneath the market stands at the midpoint of the last reaction, near 1086 (purple dotted line).
I expect the e-minis to reach the 1120 level by the end of the month.
i expect to see sell off in this week..folks should note es1075 is a possible support and if that breaks a substantial 5-10% decline should be expected..however, i recommend to buy the dips at this time
ReplyDeleteandi, so far we have been only been making higher highs and higher lows. We need to make at least one lower high and one lower low before even thinking of a 5-10% sell-off.
ReplyDeleteAgreed that 1075 is a support and it was tested overnight, but we have, just today, rallied 20 points above it.