Wednesday, February 18, 2009

At 10:05 am

Here is a 5 minute bar chart of the e-minis for yesterday's and today's day sessions. Yesterday's late break now looks like a supply shock. This gives me a somewhat lower "line in the sand" (green dashed line) to use as an indicator of an upside trend reversal.

For the rest of the day I think today's high will act as resistance (purple dotted line). My downside target remains the 760-70 range.

1 comment:

Anonymous said...

I think we will end up about 1% higher, SPX trading at 785 at the moment. Regards.