Friday 25 May 2007

Emini Daily Update: Churning Volume

Emini Volume Patterns Image

The Emini closed up 5.50 points at 1,517.25 on Friday. Leading into the long weekend, volume was light at only 0.9 million contracts traded.

The chart above shows a 45 minute chart of the Emini with volume and volume patterns added. Thursday's trading ended with Stopping Volume followed by a high Churn bar. This appears to have stopped the last downward swing and coincides with an upturn in cycle-based oscillators (Hilbert Sine Wave).

We're short from 1,529 and took profits on half the position at 1,519 (10 point profit target). When trade resumes next week, I expect the Emini to test the 1,512 to 1,515 level before starting another upswing move. In any case, a break above 1,519 would signal the beginning of the next upswing.

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