Emini Trading Update – Tuesday 29 May 2012 (17:45)
Jittery Emini market today – must have been the time off, everyone was anxious coming back to trade. And despite a horrible economic background in Europe we went up. Feels like a complex correction type move up, but we’ll see.
Today was a high volume churn day – which I didn’t explain well in the video. It signals when the volume is relatively high but the bar’s range is relatively small. At new highs it signals profit taking as sellers come in to absorb the buyers and compress the range.
But under a breakout level like today at around 1,330 it shows the Professionals having to absorb the sellers coming in. If we break above today’s high it will show the Professionals have successfully mopped up that selling volume. Then the uptrend will have less resistance and we could pop higher.
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