Letting the air out of the E-mini S&P


The monthly chart below highlights the past decade, and what a decade it has been for traders who know what they are doing. You can see the two past market balloons (I like this term better than bubble). And you also will see the third one we are currently in. You can see the causes of these and what took place mid-decade to cause the worldwide “great recession.” 

Click to enlarge.

On the weekly chart below you can see the strong trend with weekly ADX at 48, but dropping. Stochastics are overbought correcting from deep overbought territory.

How many of you saw the yen’s price action from open Sunday night to last night’s close? Wild, wild, ride. Might be time to get off and take profits from long-term short.

To read my market views daily you can follow me on Twitter at http://twitter.com/TrendsinFutures

On the shortened trading week last week the March 2013 E-mini S&P opened at 1516 and closed the week at 1514.50 reflecting a weekly doji candlestick.

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