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It’s All About the Net-Lines
January 9th, 2009 at 11:58am · No Comments
Our Net-Line indicator (blue & yellow dots) has come into play on three different charts today. I identified some rally potential in the eMini yesterday, after which prices stabilized and attempted to rally this morning. The 135 minute chart shows right where prices stopped – at the buy net-line, which is at 907.75. Prices traded up to 909.75, but were unable to close through the critical net-line level and instead turned down rather quickly. That drop this morning saw prices close below a sell net-line on the 60 minute chart at 894.25. That is officially a bearish indication. But now there’s a sell net-line in play on the daily chart too, at 896.50. A close today below that number will be a much stronger sell indication than the 60 minute signal. If that daily net-line sell occurs, I think we need to look at the bottom of the daily channel, now 812, as a target for this move lower.
Tags: General Market Commentary · S&P 500
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