The bottom of the 60 minute channel is now at 1253 and the 135 minute’s is at 1258. With the eMini at 1276 as of this writing, the next 20 S&P points look to be on the downside, with a target near 1255.
click chart to enlarge
click chart to enlarge
Meander
August 25th, 2008 at 10:20am · No Comments
The market once again continues to perform its meander from bottom to top channel and then back again. This morning the eMini futures have reentered the 60 minute channel and generated a net-line sell indication in the process. The 135 minute chart also will show a net-line sell if prices are below 1282.75 at 10:45 Central time when the bar closes. The extent of Friday’s rally seemed to be a function of the light volume conditions common on August Fridays, when so much of Wall St. is on holiday.
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