Tuesday 8 May 2007

Emini Daily Update: Smart Money Just Turned

The Emini closed down 2.25 points at 1,512.000 on Tuesday. Below average volume at 0.9 million contracts traded and below average range at 9.00 points. We had a gap down and initial sell-off that lasted 45 minutes. Then the Emini rallied most of the day until it reached resistance at 1,514.

The Composite Trend Oscillator continued up today and reached +114. However, the Smart Money Oscillator turned down as you can see on the chart below. The Smart Money Oscillator is usually a little slower than my other trend indicators to turn, so I'm interested to see how things turn out tomorrow. You can read more about my version of the Smart Money Oscillator here.

Please Note: I've improved the EasyLanguage code to give sharper turning points and the indicator is no longer called Secret#3.

Emini Smart Money Oscillator Image

Quick update on John Ehlers' Hilbert Sine Wave. We got the "Complete" pattern mentioned the other day. The Sine Wave has headed quickly below zero and should cross again in the next couple of days.

Emini John Ehlers Hilbert Sine Wave Image