Wednesday, August 15, 2012
Futures Market testing support Futures traders on vacation.
Futures Market Testing support Futures traders on vacation.
How long a run can the emini futures market take? It seems the market has hit resistance and is looking for support. The futures market traders are on holiday so volume is low. I haven't seen volume at this level in years. With no volume in the market their is a tendency for very consolidated days with short trading ranges. When the bid and ask are shallow, expect to see very quick movements when the market makers enter the market. The futures market is showing a point of control for the day at 1401 with support for this bullish move coming in at 1395.25. If price breaks through this support we are then looking for 1390, then 1382 then an extreme low of 1365-68. In the futures market we normally start seeing volume return at the end of August and early September.
This is when we get the September rally. Watch for the bulllish channel to hold with a bounce to 1395 and then consolidated range to 1405 then resistance at previous highs 1409.50 and then an extension to 1415-18.day trading course
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