Swing Trading Report September 24

By John Crane
23 September 2009 @ 05:18 pm EDT

December Dow Jones - Dow Jones futures closed lower after the Federal Reserve failed to boost confidence that the economy has begun to strengthen. However, the Dow Jones did rally just enough trade above the 9797 high posted on September 17. In the last update I said the market should trade to a new high during this reversal timing to reach the target objective. The Dow Jones futures traded to high of 9857 right after the fed announcement, but quickly lost momentum and turned lower and closed down on the day. This is a bearish "trail day" pattern that acts a strong directional indicator. - Sell the e-mini Dow Jones at 9675 stop with a stop loss at 9865.

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