Last week Support at 2,090 on the Emini turned out to be a critical level – and led to a nice sell-off when we broke it. Well this week, we’re back testing those Lows and now 2,080 is the critical level on the Emini.
This Support level needs to hold tomorrow. Although we’ve had a strong Short covering rally in the after hours, we’ve still got to work off the downtrend move on the 13,500 tick chart. I’m looking for a “Pull Back” to “End of Trend” move on this tick chart before this downtrend is over.
Let’s see where that takes us. And trade the Support level. If it holds, happy to go Long. If it breaks, could get interesting.
(Oh, and Wednesday is the 5 year anniversary of the 6 May 2010 “Flash Crash”. Just interesting, that’s all.)
Good luck with your Emini trading tomorrow.