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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.


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