The Emini closed up 2.00 points on Friday on very low volume – only 1.3 million contracts traded. It was also a low range (high to low) bar that signaled High Volume Churn on the daily chart – a sign that the Professionals are taking profits.
It seems that no one wants to be first to push this market through the 950 level. On the other side, no one is in a hurry to Short either.
Me, I'm still waiting for the cycle turn (top) on the 135 minute chart, shown below. And once again I find myself sticking my neck out – I think we're heading lower and going to fill the 904 to 912 gap.
Volume Indicator – Low Volume Up Bars (Emini 135 min)
On the 135 minute chart above, you can see the Low Volume Up bars (yellow) on Friday – showing weak demand. The last bar on Thursday was a typical profit taking volume pattern – high volume, close in the middle.
Cycle Top Approaching (Emini daily)
In the meantime, we're also getting close to a cycle turn (top) on the Emini daily chart, shown above. We could get cycle turns lining up on both the 135 minute and daily charts – which would signal a powerful move.
TRIN Indicator System Takes Profits (Emini daily)
Last chart just shows the Better TRIN systems took profits and signaled an exit on the Long trade. This ended up being +58 points. That's system trading – close your eyes, disengage brain and follow the signals!
Good luck with your Emini trading next week.
