Monday, March 30, 2009

Update at 2 pm

Here is a five minute bar chart of today's e-mini action. My range estimate for the day is the blue rectangle. I still think the day's low will be near the 770 level. However, I think we have just seen a minor selling climax (red arrows). If I'm right about this then I think the market will first rally 9-10 points, about the same as previous rallies over the past two days of trading (dotted purple rectangle). This would bring it up to resistance which I now think is at the dashed red line.

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