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Daily Review / New highs traded early at 1038.75 as sellers build their SHORT positions
New highs traded early at 1038.75 as sellers build their SHORT positions
Right out of the US cash session open we had a gift to be able to sell the 1038 area as resting held SHORT inventory showed no signs of covering. Actually, sellers used the excellent price improvement opportunity to build their growing held SHORT position. So what did the market show us next, a sell-off down to a low of day 1022.00 touch. After 1022.00 was traded, the sellers called it a day for the most part as a grind up recovery off the days low followed into a 1027′s close before the weekend. It does look like the S&P500 Emini will attempt another test of near term support soon with a likely probability of additional downside range extension. Take a look at this chart/video and see what I am looking for as we trade into Monday;
http://www.charthub.com/images/2009/08/29/FulcrumTrader_F1_4.png
Video 1
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