As you know I've been saying, that if the market wants, we could be challenging this $2636 level, we're not far from it. It got down this week to $2632.5, so it's already tested that zone and it's holding the 18-day average of closes, so no surprise to me.
Sideways, not going much up or down, just drifting around here. Haven't taken out of a prior low, but it really doesn't matter since that low had taken out that one, that high took that out, and it's just doing this: waving around in the market, not doing a heck of a lot. Unable now for the past few days to get back over the 18-day average of closes, as I mentioned yesterday, that could mean that if the market gets a negative reaction to whatever the Fed does, it might break down.
It's going to the 100-day average at $2642.5 and when you look even further in the market, if that gave ground, it can go to $2617, the lower Bollinger Band.
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.
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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.