Monday, November 16, 2009
Here is an hourly bar chart showing day session e-mini trading going back to late September. The short term trend turned upward in early November as you can see from the succession of higher trading ranges (blue ovals). I think midpoint resistance at 1126 and the top of the trend channel will be reached in a few days (green oval). Some sort of reaction is likely to begin there but I doubt that it will carry the market lower than 1075. In any event I still think the 1170 level will be reached early in 2010.