Support becomes resistance and vice versa...
10506, 10531, 10579, 10622 Resistance on the YM Emini Futures
10444, 10410, 10389, 10307 Supports
Trade smart and trade well!
Note on CL. I have had a 82.80 minimum target of this up move for over a week that was finally hit on Wednesday. 84.40 is the higher target. I am looking at the 84.40 - 82.80 range for a potential CIT on the daily chart.
I could say a lot about the action Monday but I will leave it at this: I am not convinced. What will it take to convince me? If we start closing over 10625 I will sit up and take notice. I wouldn't be surprised to see Monday's move erased.
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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