Here is a 30 minute bar chart of the e-mini day sessions for the past 10 days. I think a supply shock hit the market this morning - a fast break on unusually high volume (horizontal red bars and vertical arrow). This could easily be the start of a 50 point break, but even if it is I think that there will be at least a couple tradeable rallies on the way down.I am revising my range estimate for today to 905-927 (blue rectangle). The estimated low is on midpoint support based on yesterday's early break (purple dotted line). It is also just above the midpoint support between 1067 and 739 which stands at 903.
If a 50 point break is indeed underway I think the market will stay below the 920 level for the rest of the day.
2 comments:
Hi Dr. Futia!
Nice to find your blog, and really appreciated your market insights.
Have to confirm with you on that the number you have been using is the ES number, so have to add 3 to 4 points to make the S&P cash number, is it?
Thanks!
Hey Carl, thanks again for all your timely insight, humility, and honesty! Are you going to be shorting with such an anticipated potential fall off or just continue to buy on predicted dips?
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