Latest Emini and Commitment of Traders Charts (9:25)
Closed the gap and got the cyclical turn I was looking for on the lower time frame Emini charts (45, 81 and 135 minute). I’m looking for a bounce on Monday morning after some initial weakness and then for a re-test of the 1,125 level – either Monday or Tuesday.
My hypothesis is that we’re starting another leg up – possibly the last leg before a major correction. I think the next cyclical turn on the daily Emini chart will be very significant.
Just an update of the 81 minute Emini chart where we found the cyclical low and potential support at 1,120.
Emini Cycle Low and Support (Emini 81 minute)
And here is the latest Commitment of Traders chart with Professionals net Long at +2.4% of total open interest and the Oscillator over-sold at -128.
Emini Commitment of Traders (Emini weekly)
I missed the last couple of days trading while travelling to New Zealand. Anyway, settled now for the next 3 weeks. Bit apprehensive about trading in this time zone – not easy. Good luck with your Emini trading next week.