Support becomes resistance and vice versa...
10311, 10334, 10356, 10398, 10430 Resistance on the YM Emini Futures
10288, 10260, 10198, 10175, 10120 Supports
Trade smart and trade well!
YM: Expecting price to revisit the scene of the crime (FOMC A/H discount rate cut) which is 10370 or so. In the 1/24/10 daily chart update I said this: "I do not expect the YM to get back over 10566. I will be targeting 10309 – 10430 for swing shorts." I still don't expect it back above 10566 but am thinking that the range is probably a little higher to look for swing shorts. My view that the high of the year has already been printed still stands.
CL: Closed out the swing short on CL when 76.60 gave support for the 3rd time. Exit was 77.28 average price. Am targeting the 79.70 - 82.70 to try again. Still expecting an eventual 57.50 test.
From Thursday: CL: Continues to show strength - found support at 76.60 almost perfectly on Wednesday. Need a close under that Thursday or we might abandon the trade.
From Wednesday: CL: Have nearly a full position now (7/8) filled. Oil acting stronger than anticipated though the way it closed over 77 Tuesday. Need a close on the daily under 76.60 in the next two days and not a close over the previous high at 78.04. If CL can't get back under 76.60 and hold then anticipating a move up to 79.70 - 82.70. CL and YM look identical over the last few weeks - left shoulder and head of a potential inv h&s forming. If YM moves up to the area mentioned in the 1/24/2010 blog post for swing short (see above) then odds are CL goes to the 79.70 - 82.70 area. Either way expecting eventual 57.50 test on CL. Let's see what the next couple days bring.
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