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Wednesday, May 20, 2009

E-minis, All Hours

There was good reason I said I counted a valid ABC up pattern from 878 low. The e-mini pattern, all hours seems to support this notion perhaps a bit better than the cash index.


Although this is only a 5 minute chart, you can see the big red down candle volume spikes at end of today. That means taht even more resistance has now set in overhead.
As if the huge gap resistance at 922-934 wasn't enough. Now resistance just at 907 (and 915) has also layered itself into the equation. Thats the reason the bears wanted to close it under 905.

11 comments:

  1. To Dan From Max Cherry,
    Is it me or is this 5 waves down with an almost .618 retracement?


    http://www.insidefutures.com/charts/index.php?sym=SPm9&overlay=&type=BAR&density=H&grid=1&mouseover=1&volume=1&scale=LIN&myStudy=&aggregation=D&a=I:90&studies=SSTO(14,3)

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  2. Nice chart MaX! I considered it but it doesn't match the cash index as the cash index SPX made a new high on the e-mini wave 2 peak.

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  3. Hey man...


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    ReplyDelete
  4. Thanks Erik I'll check that out

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  5. Hi Dan, I'm not sure what kind of news will be in the next couple days but i could see $SPX hitting 930 + if 900 hold tomorrow.

    TD

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  6. If the 896 holds, I would agree it has a chance of reversing. Maybe the bulls see this an another "dip". However this time around, if they can read a chart, they can see there is now weakness.

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  7. Do you have a Weekly & Monthly $SPX Chart with waves count that you can share it with us.

    Thanks,
    TD

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  8. Love the site Daneric - struggling to get to grips with EW, over the last few weeks seems to be an exercise in retrospective balancing, but you seem to have a style that's far easier to understand. Many thanks, will continue to hang out if thats OK.

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  9. 895.7 has held AH so far and back up to 897

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