Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Cannon Trading / E-Futures.com
On Friday and yesterday I wrote the following below:
Friday: Looking at the Mini Dow Jones daily chart below, i will need to see a break below 12528 in order to get more confidence that the trend is starting to reverse and that odds prefer the down side.
Monday: Now that we broke this level, the next question is possible targets on the down side as well as protection on the top….Updated chart for your review below. I am looking at 126.05 as resistance above and 12374 as initial target below:
Today ( Tuesday, July 12th 2011)
With recent price action and looking at updated chart below, I would look for failed rallies against today’s high at 12516 and possible test of next target at 12267
Daily Chart of the Mini Dow Jones from July 12th 2011
Would you like to have access to my DIAMOND ALGO as shown above and be able to apply for any market and any time frame? The screen shot above is of the Mini Dow from today.
If so, please send me an email with the following information:
- Are you currently trading futures?
- Charting software you use?
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Economic Reports Wednesday July 13th, 2011
Import Prices m/m
Fed Chairman Bernanke Testifies
Crude Oil Inventories
Federal Budget Balance
Economics Report Source: http://www.forexfactory.com/calendar.php
This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!