Tuesday, November 17, 2009
Here is an hourly chart of day session e-mini trading. Today's session has been narrow and trendless (so far). Still, the market is conveying important information even as it apparently does nothing. Notice the blue dash oval which encompasses the past two day sessions. It stands entirely above the late September high of 1099. This means that no double top against the 1099 level will develop. It is further evidence that the market is headed for 1126 (green oval) and to 1170 during the early part of 2010.
I expect tomorrow to be a bullish day and think the 1126 level will be reached by the end of the week.