The Emini closed up 0.25 points at 1,525.50 on Wednesday. Volume was high at 1.3 million contracts and a new high of 1,535.75 was reached before the market reversed and fell sharply in the afternoon.
We’re short from 1,529.00 and so have taken a little heat on this trade – but nowhere near stops. We’ll exit half the position at 1,519.00 – our 10 point profit target. The market always strengthens coming into a holiday long weekend and so there might be an opportunity to take profits and re-enter next week.
The chart above shows the ever-reliable TRIN Indicator Oscillator, which turned down on Tuesday. Turning points in the oscillator are shown with white and red dots on the daily Emini bars (white for down, red for up). You can read more about the TRIN Indicator here.