Monday, May 17, 2010


Here is an updated version of the 30 minute bar chart I showed you on Friday.

This morning I thought that the market would trade within Friday's range and then briefly drop below Friday's low tomorrow. Instead sellers took control right from the open and drove the ES down to the target zone centered at midpoint support near 1113 (purple dotted line). I am not really sure that the low of the drop from last week's 1174 high ended at 1113 - a further drop to the green trend line and the 1105 level later today or early tomorrow seems more likely than not.

But I do think the market is scraping bottom and that the next big move from here will take it above 1200. I also think that the 1056 low on May 6 ended the drop from 1216 and that the up swing that started then will take the ES to 1300 over the next two or three months.


MaverickUK said...

Hi Carl
Out of interest were you still bullish when the markets collapsed in 2008? Just curious. It's just that I've only ever known you to be bullish.

marketmakerX said...

MaverickUK, yes Carl has been bullish from Fall 07 all the way down to March 09 lows and has been since bullish non stop. You can check his older posts and Ticker sense'blogs polls.


silverlining said...

I'll answer for Carl as he does enough with this site. He was bullish, and he made money. That is the lesson that everyone should be trying to learn, how to make money when you are wrong on direction.