First trading day of the new year! With the thin volume the last two weeks I am sure everyone is excited to get back into the swing of things. A word of caution though - don't be so eager you over trade your plan. The market will still be here on Tuesday and the rest of the year :)
Support becomes resistance and vice versa...
10425, 10449, 10478, 10531 Resistance on the YM Emini Futures
10389, 10307, 10272, 10228, 10162 Supports
Trade smart and trade well!
It is worth noting that we broke down (Thanksgiving Dubai news) from the exact 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.html
We are now back inside the key range of 10313 - 10625. As I have been saying the thing I am keying on now is what area is taken out first and held below or above. Downside at 10313 or upside at 10625. This will be a telling clue IMO as to probability of CIT.
Please also see the blog post 1/1/2010 An Updated Look at the Daily Chart of the YM
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