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Wednesday, September 16, 2009

E-minis

E-mini made a new high. Looking at the FTSE 100 (an overseas favorite wave structure of mine) it has a very pronounced "ABC" look about it. The C would equal A at 5156.16. So far today it has hit 5125. It seems destined for a 1:1 ratio mark.

SPY gap exists from $107.62-$110.34. Intraday high yesterday was $106.11. The cash index unclosed gap from October 6th exists at 1097.56 - 1099.23. Thats about a 3% move for the cash index to get there which is a bit more percentage-wise than SPY.

Indexes worldwide making new highs (except Shanghai which retraced up only 50% so far) and euphoria is breaking out. Expect high total volume today.

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