I have included the TraderSmarts Subscriber Numbers on the blog today as a bonus…
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Support becomes resistance and vice versa...
TraderSmarts Numbers for the YM
10894, 10858, 10810, 10776, 10724, 10689, 10633, 10571
TraderSmarts Numbers for the ES
1178.75, 1175, 1172*, 1165.5, 1160.25, 1156.5, 1151.25, 1146.5, 1141
TraderSmarts Numbers for the 6E
1.3642, 1.3567, (1.3537 - 1.3527*), 1.3511, 1.3493, 1.3433, 1.3418, 1.3397, 1.3286
TraderSmarts Numbers for CL
83.59, 82.70, 81.99, 81.86, 81.54, 80.85, 80.73, 80.40, 80.21, 79.7, 78.78
Trade smart and trade well!
YM: Latest Daily Chart Update - An Updated Look at the Daily Chart of the YM
CL: Oil Inventories today at 7:30 AM PST
Every test of the upper end of my 79.7-82.7 range has been met by hard selling. I have been trading around a swing short position in my range to better c/b for four weeks now. Still expecting a CIT from this range but prepared for a move up to 87.50 if we can close over the close of March 17, 2010. I do still expect an eventual 57.50 test in CL.
Someone asked me how can I go from expecting a CIT in my range to now saying I'm prepared for a move up to 87.50. We have been in this range for 4 weeks - first hitting the lower end of it on 2/19/2010. It wasn't until the Update for March 18th that I first mentioned 87.50. If you look at the chart - on March 17th we had the highest close of the entire 4 weeks AND closed OVER the top of my range for the first time in those 4 weeks. And this followed a sharp reversal down and then up - indicating strength. Now we have sold off again. Anyway the strength of the reversal and the close over the high of the range for the first time I had to look for targets above if we broke up, instead of down as I am expecting. 87.50 is the logical target if it can break up out of this 79.7 - 82.7 range I have had for over a month. I am expecting a move back down to 76 minimum but time will tell and markets are not static. We must be prepared for everything.
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