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Monday, September 7, 2009

E-minis (UPDATE 5:40a.m.)

UPDATE (5:40a.m.) Futures keep on chugging. They now sport a wee bit more negative divergence than they did last night. Somehow I think a huge gap up at this stage strangely seems more bearish a market move than if it did not. (i.e.-exhaustion gap?) Well still 4 hours from open so lots of time left. Must go to work.

Channeling upward. One thing I notice is the channel is tighter so far and smaller-looking waves than the preceding up channel I have drawn. A tad of negative divergence popping up on the MACD and stochs indicator. It looks potentially more corrective than the previous channel.

I am betting that any gap up open tomorrow on the cash index would be covered sometime during the day one way or another.

Good Luck!
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