When you look at a weekly chart, you certainly have lower highs, lower lows on the market. When we come to the June daily bar, you can see how the market is swinging back up here.
If you take out this high here, even $3255, what do you have? It's not $3270 anymore, it'd be $3255. You get yourself higher lows, higher highs, you're certainly out of the downtrend, so this phase of the market is over. And instantly, just like that, it kicked into a friendly bullish phase. And where the market went is it stopped right at what I call the line in the sand, the 18-day average of closes, and it's hanging there 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.