Friday, March 19, 2010
Here is a thirty minute bar chart showing day session e-mini trading. At the open this morning I thought the market was about to break to the upside from the top, 9 point box (top blue rectangle). But instead the ES dropped through the bottom of the box and is now trading in the middle of the second, lower, 9 point box. My best guess now is that this reaction will be 18-24 points in length. It should stop in the 1141-47 range. Once it is complete I expect the ES to resume its rally to 1200.