Quick update before Friday's market open. We're getting tantalizingly close to the 950 level. The Bulls would love to break this level and confirm their "green shoots" hypothesis. Here's what I see.
Cycle Turn Yet To Be Confirmed (Emini 135 min)
On Tuesday I said the next test for the Emini would be the cycle turn on the 135 minute chart. I thought we would get the cycle turn on Wednesday or Thursday. But for the cycle turn to be confirmed we need the Low of the bar to be broken – and as you can see on the chart above we've yet to get the cycle turn.
However, if we break 930 early on Friday then the cycle turn is in and the swing trading momentum turns to the Short side – at least as far as I'm concerned.
TRIN Indicator Shows Weak Buying Thursday (Emini daily)
Quick look at the TRIN Indicator chart. First up, the Long signal has worked out really well. Entered at 879 we're sitting on 57 points of open profit. Never expected that – but that's system trading, you never know which trades will work out best.
Thursday was an up day but the adjusted TRIN reading of just +16 shows it was weak buying – mixed in with a lot of profit taking. The TRIN Oscillator is also very over-bought at +163.
Good luck with your Emini trading.