Possible support at long term Emini trend line. The weekly Emini chart below shows a long term trend line I’ve added by hand. It connects the April 2005, October 2005 and July 2006 lows. You can read more about the bar coloring and auto-trend lines here.
Long Term Emini Trend Line
The best sign that this trend line will act as support is to see confirming volume patterns. We usually see exhaustion or climax volume followed by a low volume test of the lows.
At 3.2 million contracts traded, today’s Emini volume was no doubt high. But was it enough to signal exhaustion volume? The chart below shows the daily Emini volume with the Better Volume Indicator added.
Emini and Exhaustion Volume
Update on the Better TRIN Indicator system. We closed out the long trade after the close on Tuesday for a loss of 21 points. All part of the game with system trading.
Good luck with your Emini trading.