click chart to enlarge
click chart to enlarge
click chart to enlarge
Resilient
March 27th, 2009 at 10:55am · 1 Comment
Yesterday afternoon’s update speculated that we could see one more push above 830 before prices cracked, and that’s exactly how it played out as 830.25 was seen following that update and then a gap down to 811.50 this morning. There’s a net-line sell at 811 on the 135 minute and an expired one at the same price on the 60 minute. That has functioned as support, for now. The 135 minute tick cycle-trap is still heading up, so perhaps the plug won’t really get pulled on prices until that rolls over. But this attempt at a resilent rally this morning may not be all that it appears on the surface. My 5 minute volume oscillator says that volume is not confirming the attempts of futures traders to move prices higher.
Tags: General Market Commentary · S&P 500
1 response so far ↓
1 Denali92 // Mar 27, 2009 at 1:56 pm
Da Boyz did a good job of just holding the market up at your net sell line with a close at 812. It does feel like we need to go down to somewhere below 787, but the prop jobs are impressive. Thanks for your excellent commentary
You must log in to post a comment.