As you can see the e-minis have broken down out of the last day's trading range (blue rectangle). Volume on the breakdown (red line) was the highest of the day, but still not very great in the context of volume during the past 10 days or so. Nonetheless, I think the market is telling us that it will move lower before it can move higher. My best guess is that the 730 level is the next stop.In the meantime the purple dotted line at 764 is midpoint resistance. Any strength above that level on good volume would put me back on the bull side of the ledger.
5 comments:
Carl,
I have observed the same skill among every "profitable" trader as I do with you: observe, wait and make a plan before entering a market... Thank you for the day! Val
Hi carl
here is a picture of where i stand
into this next cycle low .
im looking for a bottom yet we are
now entering the end of the 2 year cycle and it relates to both the 1987 and 1929 crash so it is a time to be careful still if your bullish
charts are here
http://www.tradersaffiliates.com/WEEKLY%20UPDATE.htm
hope you find it insightfull
joe
No one wanted to be too long going into the GDP's in the morning ... we'll see a 740-ish handle tomorrow and rally to close in the green ... best guess for close is high 750's to low 760's
Rick B.
Hi Carl,
Now long another at 732.00.
Thanks.
Kindest regards,
PM
730 will be tested right at the open. Are we going to hold? Opinions?
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