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S.P. minis (ESU9):

Quite Strange price action.

94% of all market price movement occurred in 120 minutes. In 2 separate intervals;

This morning we headed down 17.50 points with 522,900 contracts traded in 60 minutes.

We then headed back up 12.00 points with 360,600 contracts in 60 minutes although he last 30 minutes traded 73% of all the upside volume.

From a volume counter point of view the downside is the direction, although I don’t believe that ONLY volume determines direction.

Today’s trading volume was near average, although less than the last 3 days.

The highest volume day the last 10 trading days was the high at 1016.00, which from a volume counter point of view confirms the upward direction.

Today’s price action strongly indicates a top or a bottom. They trade exactly the same way. Therefore you never know a top can be a bottom if a significant breakout occurs.

According to the candlesticks (Daily charts) todays closing spike up is the largest we’ve had since 3/6/09, at 662.00, which was a major reversal.  

Monday (including Sunday night) is the 13 day price cycle high