Friday, March 20, 2009

Today's range

Here is a five minute bar chart of the last two e-mini day sessions. My range estimate for today is still 772-800 (blue rectangle). A drop from today's high that equals the length of yesterday afternoon's drop (green rectangles) would carry the market down to 772, another reason for thinking that we haven't yet seen today's low.

Should the market show some volume above 785 (red dashed line) I would conclude that the day's low has been established and that the market is headed for the top of the blue rectangle.

1 comment:

Anonymous said...

Ur range is not looking good for today, i hope it pans out, so i can trade, because it has been a really slow day... 9pts range!

Maybe we see some action after lunch but, doubt that we see a 28pts range like u stated!

I have us sniffing 775, but no where near at 800, max pain would be 790 for me...