Wednesday, April 15, 2009

At Resistance

Here is a five minute bar chart of e-mini day sessions. You can see that the market has rallied to midpoint resistance (purple dotted line) on generally lackluster volume. It would take a move above the top of my range estimate (blue rectangle) to indicate that an up trend has begun. In the meantime I still think the market will make it down to the low of my range estimate before it begins the next up leg.

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