![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgadCVKpsxeOH4CwL-_64T4CCNVTQW0iY9LRUxbnojV9ng8qHQbShLl_JH19iNMXnYZElttm_ZzHkYpguI5nhkeWqTOMXCG184O5TJCmRnemNnWWqiqpAE05HjWbXnP0zOE6kWq4g/s400/101110+240+pm.jpg)
Here is an hourly bar chart showing e-mini 24 hour trading. The first attempt at a breakout above the April top at 1216.75 has failed. The subsequent reaction is likely to continue downward to the green oval in the 1190-95 zone. That is the confluence of the lower channel line for the two trend channels I have drawn in red as well as support defined by the October 25 top at 1193.
Once this drop is over I expect the e-minis to resume the move to 1300 and higher. Next significant resistance will be 1250, the level of the March 2008 low made when Bear Stearns failed.
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