The market has come up and as you can see on a closing basis, it's trying to give you a new high close—we'll see if it's able to do that. Obviously, the market has done a good job of holding the 18-week moving average of closes. You're not back up to the $2850 level. So, let's understand getting a high close isn't the same as the market busting through what it's got. As I look at what the market's done, you can see the pattern is clear with higher lows, higher highs.
The market is over the 18-day average of closes, which swung around about last week and got over the 100-day average, the 200s down here. So all the moving averages are in a bullish setup. And the next target for the market, if it decides to go for the Bollinger Band, would be in the $2824 area.
In terms of momentum, as long as you have an embedded reading, I think the pros are reaching and buying the market on breaks. Get the red line to close under $79, and I think they'd back away from that position.
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.