Monday, April 05, 2010


Here is a 30 minute bar chart showing day session e-mini trading. The market's uptrend has been progressing through a stack of 18-20 point boxes (dashed blue rectangles). It looks like the 1185-90 zone (green oval) will stall the ES temporarily and the subsequent reaction should drop the market 15-20 points and put it near the lower line of the green, dashed trend channel I have drawn.

The move up from the February low at 1040 still has further to go. I think 1225 will be reached during the next month or so but I also think this is a very conservative target. Remember that the swing from March to June 2009 carried the ES up about 290 points, while the swing up from July 2009 to January 2010 carried the ES up 280 points. A move of 280 point from the February low at 1040 would carry the ES to 1320.

1 comment:

Adsense said...

Hi carl
liked yor post in regards to apple
ive been watching it from a distance yet i find your guestimate for a high in 3 to 4 months interesting as it tend to fit my thoughts of a high from mid to late june into early to mid august . maybe apple with lead the next decline into the 2011-2012 cycle low