When we come to the chart action, on a weekly basis, you've got lower highs and lower lows. And the market is now, as we're coming into the end of the week, towards rather the high part of where it's at. It's still down, but it's made back a chunk. It's only down 2.5 percent. You see that when you look at the daily chart, how the market came down, made a new low for the move, and didn't quite get to the $3100 level.
When we look at the swing line study, we have lower highs, and lower lows. To convince me that the market's attempting a bottom, it now has to get back over $3270.40, which is about $20 away in round figures.
When you look at the momentum in the chart, you got oversold, then you're getting a bounce.
About the author
LINN & Associates
Over the past 35-years Ira Epstein has developed a reputation for providing clients with easy to use technology and teaching good old fashioned trading know-how. A number of our brokers have over 30-years trading experience. No matter how technology changes the methods of entering orders, there's no replacement for having "been there and done that before". It's the blend of services that brings things together.
Be it education, market information or trading platforms, we provide solutions.
Ira began in the futures markets in 1969. Over the years he worked his way up, starting from the ground up as a "floor runner" culminating with his becoming a Floor Trader. In the mid 1970s Ira decided to make a career shift within the industry to develop both retail and commercial based clientele. His customer base grew to the point whereby in 1984 he founded "Ira Epstein & Company", a trading firm specializing in retail, commercial and self-directed discount futures trading. Along the way Ira became a leader in trading technology out of necessity, due to increased small lot trade volume. He was among the first to embrace the Internet, which as you know has dramatically changed both the way information is delivered and how trading takes place today.
One of the ways Ira, along with his brokers showcase their talents is through e-mails of market information and Ira's "Futures Videos", which can be viewed on our website, through Market Center, Linn-IraChart Software and on YouTube.