Tuesday, March 17, 2009

Rally to 758-60 then down

Here is a five minute bar chart of today's day session in the e-minis. My range estimates is outlined by the blue rectangle. The market is trading in the upper part of its estimated range. If it is going to visit the lower boundary near 735 I don't think it will rally more than 6-8 points from its open at 752 (purple dotted rectangle).

The drop from yesterday's high at 771 may last into tomorrow and carry the market down into the 725-30 range. In any event I think we shall soon see a resumption of the move up to 840.

No comments: