Very quiet day on Friday. The Emini closed up 2.75 points at 1,400.50. It was an inside day, the range was only 7 points and the volume was only 1.2 million contracts.
We’re still in an up trend and at least a couple of days away from a turning point – in my opinion. Thought it might be useful to re-cap my 3 swing trading charts to illustrate.
Hilbert Sine Wave (Emini 45 minute)
My lowest time frame for swing trading is the 45 minute chart. This shows we’ve broken into an up trend and about to make a cyclical low above resistance at 1,390. We should push higher on Monday.
Hilbert Sine Wave (Emini 135 minute)
The next time frame up is the 135 minute chart. This is my primary time frame, or anchor chart, for swing trading. This signaled the last low turning point nicely at 1,370 and is approaching a high turning point. However, we could get an over-shoot if the up trend is strong.
Hilbert Sine Wave (Emini daily)
The highest time frame is the daily chart. The signals are less clear on the daily time frame because the data is a little noisier compared to the lower time frames.
However, we’re definitely now in an up trend and just made a cyclical low turn a couple of days ago. This pattern has to "complete" with a cyclical top turn and it looks like it’s a couple of days away.
If we keep pushing up, the next resistance level appears to be around 1,420. I’ll be looking for profit taking volume patterns (exhaustion volume and high volume churn) over the next couple of days.
Good luck with your Emini trading.