The Emini closed up 19.00 points at 1,522.75 on Friday. Volume was very heavy at 2.0 million contracts traded – the largest volume since the low of 14 March 2007. On Thursday’s post I said “We need to see the Emini bounce and then test today’s lows before the next upswing starts – a process that could take a couple of days.” That test should happen on Monday as we are likely to see a Pullback-in-Trend.
John Ehlers Archive
The Emini closed down 17.25 points at 1,516.50 on Wednesday. We decided to take profits on our remaining short position in the September 2007 Emini contract at 1,532.00 for a gain of 22.50 points. This last trade has worked out nicely with half our position exited at the 10 point profit target and the remaining half exited after seeing exhaustion volume for a 22.50 point profit.
The Emini closed down 0.50 points at 1,527.50 on Monday. The 135 minute chart above shows we got a cyclical down turn during the afternoon’s sell-off. So we’re short from 1,529.00.
The Emini closed up 7.25 points at 1,508.25 on Thursday. I’m getting tired of sounding like Chicken Little or the Voice of Doom. This rally seems endless and I keep seeing signs of weakness. Well it only goes to prove the old saying “trends always last longer and go farther than you expect them to.”
The Emini closed down 18.75 points at 1,385.75 on Friday. Another high volume day with 1.7 million contracts traded, large range of 20.25 points and closed on the lows. Sounds pretty bad and all the weekend commentaries are talking about further falls. However, take a look at the following two charts.
The Emini closed up 9.75 points at 1,440.75 on Friday. Strong rally into the long weekend holiday after some profit taking on Thursday afternoon. Time for me to re-assess the market after taking profits and stepping aside on Friday. Also check out the new page all about the Trading Index (TRIN) and great indicators that can be built using the data. You can find the article here…
The Emini closed down 3.25 points at 1,433.75 on Thursday. Small range, low volume, inside day. Although there was a cyclical top today the end of day buying may see a bounce tomorrow.
The Emini closed up 11.75 points at 1,438.25 on Thursday. Explosive up move today and profitable cycle trade from Monday – that makes it 10 out of 10 and 132 points since 8 August. Follow up to Monday’s post below.
The Emini closed up 4.50 points at 1,426.75 on Monday. Total range over the last 5 days has been less than 16 points and the Emini is wound up and ready to break. Continued strength all Monday after some initial profit taking. So which way are we going to break?
John Ehlers sine wave crossover today. The Emini fell hard and closed at 1,340.50 on Monday. After a small rally during the morning, the market dropped and closed with a multiple timeframe crossover in the sine wave. Keep reading this post about John Ehlers and how to use multiple timeframes in your analysis.