You look at the market, you're back up to the $2430 level, you're up $12 at this point for the week. You can see how the market shot up today, got to $2454, and it's back down to $2430, not a real big break but what the market's done is, it's come into this old, high area from right here and it's running into a bit of resistance.
That's the only thing that you can say about it that's negative in any manner. The pattern is still bullish, with higher lows, and higher highs. The market is over, as you can see here, the 18-day average of closes, which gives it the upside bias and the trend is up, and you ran into the buzzsaw of the Upper Bollinger bandwidth often contains the market. That doesn't mean it can't just sit on that and move itself higher. So there's nothing bearish. I do think the pros are taking some money off them and I think they'll bail if you don't embed.
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.