Simply put, the market is staying over, and you can see this is the 18-week moving average of closes. Should the market close right here, it would be an all-time high close. I'm not saying that'll happen, but it's something to think about. You can see how the gold has been coming back up, and we've had two days now—just now happened—where the market came out and closed in the top quadrant of each day. That's a sign of power, not weakness. And you can see how it's carrying the market with higher lows, higher highs. All the way up to. And by the way, it fought a battle at the 18-week average and won it.
The reason I mentioned where the market settled over at both days in the top quadrant, I now consider that a breakout to the upside. Which means I don't expect this low to be taken out of $3250.5, and it was only from June 30th. So, don't think I'm talking lots of history, but before that's taken out, this market could really get itself up and keep running.
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.