Here is a 30 minute bar chart showing e-mini day session trading. The market has been stronger today than I had expected. Today's low developed at the lower boundary of the rising channel I have drawn. But the market didn't make it down to 1168, the level at which the drop from 1188 would have equaled the length of the last reaction (purple rectangles).The subsequent rally produced a 30 minute close above yesterday's late rally high and yesterday's initial low point (red dash lines). Since I have a bullish view of the market I have to take this price action as a sign that the drop from 1188 is complete and that we are in the early phase of a move which will carry above the 1200 level during the next couple of weeks.
I think support now stands in the 1174-75 zone. Tomorrow should prove to be a generally bullish day.
5 comments:
Thanks, Carl. The USD is stalling (broke down from a narrow upwards channel right around the 50% retrace of last year's fall), which is surprising considering the bad news from Europe. IMHO that has contributed to the strength today. (The USD here is your dog that didn't bark.) I believe we are getting record fund flows into commodities, and that the AUD and commodities are consolidating for a big move. Good luck and thanks again!
Just noticed the UP date? Punny man! ;)
Are you trading Carl? Thanks
MMX
Sorry to litter your comments section, but I thought people would like this:
http://news.bbc.co.uk/2/hi/business/8609542.stm
Where oil is not denominated in dollars, gasoline (or petrol as they call it) is hitting 2008 highs!
Your article is always useful.
Thanks.
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