So you can see, we're sitting back a little bit here but holding well in the $1960s; the dollar was up today; we're getting a little bit of a rally tonight; and a few of the currencies...but we're still in that pressure point of wow -- the Fed isn't going to be raising rates anymore.
For the market, we're up about 1.3% on the week so far at midpoint. When we take a look at the chart, we've come down, we're getting a bounce in the marketplace. The pattern is bearish. You have lower highs and lower lows. The market is rallied back with today's action and failed against the 18-day average of closes, where so often that is the case.
"Is $1953.80 the 100-day average going to be support or not?" is the big question as I'm reading what's going on. When I take a look at where support is: $1953.80 to $1941.50 - the lower Bollinger Band, you'd have to close back over 1979.40 and that from here is about 15-16 dollars to say, "Hey, we're neutralizing the downtrend."
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.