For the week, you're not down much. You're down $7. You're down 0.2%. Okay, no big reversal there. The reversal you can see on a daily chart happened here, where the market made the higher highs, but you took out the prior low. So, now you have a higher high and lower low. That means you're in a pause at this stage, in terms of pure chart action.
The support of the market's under you at $3626, doesn't mean it has to go there, but that's where the next support level is. It's the 18-day average of closes. The Bollinger Band, it ran the market here. Then, it went sideways. You made the higher high, going into the Fed news, and then the market let go. It's the buy the rumor, sell the fact when you look back at it.
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.
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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.