Deterioration
December 10th, 2008 at 12:38pm · No Comments
The eMinis are in an interesting place. There’s a net-line buy level at 801.75 on the 60 minute chart and price has barely failed to close above there on three consecutive bars. There will be two more chances through 2:30 ET today. But there’s plenty of deterioration around, especially in the 135 minute tick cycle-trap and the modified DMX on the same chart may join in that bearish divergence before the day is out.
Aesthetically I’d like to see a run up to tag the top channel on the 135 at 936. That would be a great level to enter shorts. If they can make it over 902 at 2:30, then maybe a run to that channel will unfold.
click chart to enlarge
click chart to enlarge
Tags: General Market Commentary · S&P 500
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