Friday 7 September 2007

High Volume Churn on the Emini

High Volume Churn on the Emini today. Friday started with a frightening 17 point opening gap down but then the Emini spent most of the day range bound between 1,455 and 1,465. A rally late in the day on high volume left us with a High Volume Churn day and a gap between Thursday's low and Friday's high.

Emini High Volume Churn Image

High Volume Churn on Emini

My trend direction oscillators are still pointing down, however, this High Volume Churn bar may signal a retracement. Other indications that this down move is suspect include:

  • Cyclical upturns on the 81 and 135 minute time frames
  • Bond market is in a strong uptrend
  • Professionals are still long based on Commitment of Traders
  • Emini closed with large premium to market
  • Market commentaries are almost all bearish

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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