Wednesday, January 6, 2010

TraderSmarts Numbers for the YM Emini Futures - Thursday January 7, 2009

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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