Thursday, July 29, 2010


Here is a 30 minute bar chart showing 24 hour e-mini trading over the past week.

I thought support at 1099 would hold but in the event sellers hit the market hard and have driven the ES down to 1089 so far. I think the drop from Monday's high at 1119 is corrective and is proceeding in a stack of 18 point boxes (blue rectangles). The ES has dropped to the midpoint of the second box ( dash blue line) and I think that it will rally close to the high of this box before dropping to the low of the box near 1082. The midpoint of the rally from 1051 on July 20 to 1119 stands at 1085 (red dash line) while the 1084 level was a prominent low on the way up from 1051 (green dash line). So my target zone for the low of this correction is 1080-85 (green oval).

I expect to see this low in the next day or so. It should be followed by a resumption of the swing up to 1145-50.


Nav said...

1098--1100 is going to decide our fate;Bulls.. added other 1/2 position to my longs.

Anonymous said...

thanks for your quick update, it's really helpful.

Nav said...

sold 1/2 position @1099.
Looks bad but a challenge from a friend of this site..time of comments can be checked.
Keeping other half long for long!
Thanks for the blog!
Learning 100% from Dr.carl.1099 now.

extrader said...


this market may do a comple 180 today and turn up!


tempo said...

Thanks for the insight into the 18 point boxes. SPX hit 1100 midpoint and is now falling back. Great call. IMHO, market will likely be ranged bound until Bush tax cuts extended (probably 1 year) which will trigger 1300 rally

Nav said...

1/3 @1099,1/3 1101 last 1104 told by a friend.. all out
good wink:)
Thanks Carl for your great support!
last time,this blog is serious.

roguewave said...

Naveedah... financial achievment and personal growth development as a trader are areas that are both inter-related and one could imagine are even ..."cut from the same cloth".....You therefore will most likely make better consistent decisions and therefore remain more productive.. stay more humble and become more focused all simply by avoiding public grandstanding and/or seeking the admiration of others by publicly displaying your positions...whether in hindsight or they a good or a bad outcome.... It should only matter to YOU and no one else how you as an individual experience being one small part of the whole vast market.

...Admiration is the daughter of ignorance - Ben Franklin


Michael said...

Your blog is brilliant (your book too)! I got in and out the whole day until going long at around 1093. Without your post, I would expected the move going beyond 1100. I was a bit surprised by the strong headwinds around 1103 so I checked your post and it all made sense : )

sandy allred said...

My target low for this reaction is 1071 for the futures on or about 11

Nav said...

I am new and my tweets on trades made few to approach me to stop following Carl.
After that all of a sudden,I found"A Warning To Amateurs" on March12,2010 from Carl.
It was very frightening as my 100% dependence was on these blogs after his book.
I work day and night to reach to his every word and do not want popularity or attention but I am working w/few friends to help them to understand Carl's strategies.
I am still learning but 100% following does make trades easy..this biz is not mix and match to me.
It is 100% Dr.Carl Futia's success
in elaborating his charts to affects of news and much more on mkt.
I am humble student and my learning,trades and success is 100%
following him.Still so much to learn.
May he live long and happy life w/his loved ones.
I am so very Obliged to Carl to give me courage,support and knowledge.

E said...

Mr Futia...

I am assuming the intent of your last paragraph is for upswing to 1145 - 1150 and that the 1050 is just a freudian slip :)

Position traders I imagine have been more frustrated lately

Thanks as always for your insights

Mamma Boom Boom said...

>I thought support at 1099 would hold<

I did too. Thought Wednesday would be the low. I don't want to see it go lower, from here, but 1068 is still a possibility.