Tuesday, March 24, 2009
797-801 then up
Here is a five minute bar chart of day session e-mini trading. I think the market will find support in the 797-801 range. 797 is midpoint support (purple dotted line). 801 is the midpoint of yesterday's day session range (dashed red line). My range estimate for today is now 797-827 (blue rectangle). I think yesterday's last 30 minutes of trading was a buying climax. If I'm right about this I don't think the market will be able to move much above yesterday's 821 high for a few days.