Trend Line Consolidation on Emini
Emini consolidating between 2 trend lines. We closed up 12.75 points at 1,420.50 today. Both range and volume were relatively small at 13.50 points and 1.5 million contracts respectively.
The 81 minute Emini chart above shows the triangle consolidation, with resistance at 1,435 and support at 1,415. The trend lines are drawn automatically using TradeStation EasyLanguage. The Emini bars are colored red in an uptrend, green in a downtrend and white when in consolidation.
Above the 1,435 level we also have the gap left over from the 4 January decline. If we get above 1,435 the next resistance point will be this gap between 1,443 and 1,449.
My TRIN indicator oscillator is still trending up and the Better TRIN System is still holding a long position entered at 1,411.
Good luck with your Emini trading.