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TFC Commodity Trading Forum

Dec Emini/ Bouncing Back *PIC*

The Dec Emini has broken back above 1388 price resistance and the broken uptrendline and is bumping up against next resistance of 1404. And with very light volume today lacks conviction. Lots of work to do to get through overhead resistance. Major breadth indicators suggested a bounce back from very oversold market conditions on recent lows such as the spike high of new 52 week lows etc. And the bounce back was much like an overstretched rubber band snapping back in slingshot fashion. But rallying through 1400 and higher is likely to be like swimming through bubble gum. The S&P definitely has its work cut out for it trying to chew through overhead resistance. The chart suggests choppy erratic price action well into Dec is likely.
Unless of course some 'official' says something bullish or bearish about the fiscal cliff or Euro problems. Mustn't forget it is a headline driven market now days with nervous fingers on the buy/sell buttons. And lets not forget the Mayan end of the world December thingy too with some in this world responding to that theory along with those selling 'before' Dec 31st to avoid the new tax rate in Jan 2013. (whatever that may be) Betting on red or black seems to be the best strategy.Or perhaps 2 bets on black and one on red might be a good straddle. Or just keep the money you already have without any risk until a couple of these issues are resolved one way or the other. Trading for the "RUSH" can be costly. Drugs might be cheaper.

Messages In This Thread

Dec Emini/ Bouncing Back *PIC*
Re: Dec Emini/ Bouncing Back *LINK*