Emini Daily Update: Pullback with Climax Volume
The Emini closed up 5.25 points on Tuesday at 1,522.50. We got the pullback anticipated in Friday's post. Furthermore, today's low at 1,514.25 was nicely within the 1,512 to 1,515 test zone anticipated. We're now out of our profitable short position and have reversed to the long side.
The 15 minute Emini chart above shows the volume climax marking the pullback low, after which we got a solid 8.50 point rally. Notice how this pullback was on lower volume than the climactic low 2 days earlier. I expect this rally to continue until we see similar climactic volume to the upside and coinciding with cyclical turning points.
A word of caution though - my trend oscillators are all pointing in different directions:
- Open to Close oscillator has already turned up from oversold levels
- Trading Index (TRIN) oscillator is oversold and waiting to turn up
- Smart Money oscillator is overbought and waiting to turn down
- John Ehler's Hilber Sine Wave shows the uptrend is intact
Click here to watch a video tutorial and download free code for the Better Volume Indicator. Good luck with your Emini trading.
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