Wednesday, April 15, 2009
Top of the range
Here is a five minute bar chart of the e-mini day sessions. The market has rallied to the top of my estimated range for today (blue rectangle). The rally carried it visibly above midpoint resistance (purple dotted line). However volume was low on the rally, even for the time of day, and the market just put in a relatively high volume, outside bar to the downside. I think this means that the market is on its way to the low end of my range estimate.
It would take a rally above the top of the box on increasing volume to swing me around to the bull side.