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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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Dots

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Tuesday, May 01, 2012

Mayday Buyer's Reward

This is what buyers of the TF were rewarded with during intraday action through to the close on Mayday, as shown on the Daily chart below (note that volume was higher on Tuesday's candle and is reflecting a build in volatility):


This e-mini futures index has, basically, been in a large sideways trend since the latter part of January of this year. Price has been consistently rejected at 830.00, but remains above 780.00. It's had difficulty remaining in the upper one-third of this range and closed the day just below the 50% level. Failure to hold this 50% level could send it back down to 780.00 or lower.