Homework for Wednesday 2009.01.21

20. January 2009
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ES - We have already made over a 45° recovery since Tuesday's low, so the next major selling level is at 90° or 826 (see chart).  We also have a major resistance level at 824 (360°, measured from the top of this down move).  However, before we get there, we may run into some resistance at 814-816 (the diagonal trendline).  See levels on chart below. 

  • Sell 824-826, target 814-816 then 793-795

 

 
 
 
6E - Euro.  As of this writing, the euro is making a strong bounce off the lows. My initial sell level is 1.3006, which is 45° up from Tuesday's low.  As of this writing, we have already bounced off 1.3003 for 50 ticks.
 
 
 
ZC - Corn.  For fun, as a sim, let's short 389.25 down to 363.25 then 333.75
 
 

Homework

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