As you can see, the market for the week—it's not doing anything. It's down a tenth of a percent. You can see how the market reached up. Couldn't quite go anywhere against that $3400 level, backed off. You can see what it got to, $3389, and it came down from there. So the question is: does the market want to retrace back to the 18-day average? And it looks like that, to figure out what to do next. Are we trending? No. What you have is a higher high and lower low pattern. That is not a trend pattern at this point.
You're nowhere near the upper and low and lower Bollinger Bands. That doesn't mean they can't come into play, but they're not there right now. And as you can see, when you look at the market—the rally—you're into overbought territory with the 70 reading, and that's even with the market down tonight.
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.