Thursday, August 20, 2009


Here is a 30 minute bar chart of e-mini day session trading. The market has spent nearly an hour trading above the 1000 level. This action has made the rally from 976 longer than the rally from 990 on the way down (purple rectangles). It now appears that yesterdays early morning, high volume surge had even more significance than I thought at the time.

I think the e-minis have started a rally to the 1035 level. If I am reading things correctly midpoint support near 995 (purple dotted line) should hold on any reaction. I have drawn a minor trend channel up from the 976 low. Its lower boundary should also be support going forward.

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