The Emini closed up 0.25 points at 1,417.75 on Friday. We had a Larry William's Oops open (today's open above yesterday's high) and the professionals took the opportunity to take profits. The Emini quickly sold off but strong buying came in at 1,410 later in the day.
John Ehlers Hilbert Sine Wave
The chart above shows how John Ehlers Hilbert Sine Wave worked out after yesterday's article. The Sine Wave nailed the high of the day and is labeled "FirstPB" for First Pull Back. We'll see how far the Emini will fall towards the cyclical low and completion of the trend move – especially given the strength of the rally late on Friday that carried the Emini back up from 1,410 to 1,418.
The second chart above shows the adjusted TRIN Indicator on daily Emini bars. This appears to be setting up a bearish divergence pattern over the past 4 days (red trend lines). The Emini is up and making higher highs, while the TRIN indicator has lost steam and put in a lower high. Click the following link to find out more about how to trade using the TRIN Indicator.
Good luck Emini trading next week and look out for the Commitment of Traders update later today (interesting data released).