c06 JWBT016-Busby October 10, 2008 20:38 Printer: TBD
The Path of Least Resistance 73FIGURE 6.2 A 30-minute chart of the Face Peel on April 1, 2008.decided to take control and push prices up again. At 2:30PM, the mini S&P
was trading at 1320. The bears briefly tried to gain the upper hand but were
unable to break prices down below that 2:30PMlevel. Therefore, a long
play squeezed out the bears and paid the bulls handsomely. Those who
stayed on the short side of things did, indeed, have their faces peeled. The
session closed with a high of 1333.50. A full 13.5 points were made on the
move as the session neared its close. At $50 per point, that makes a tidy
sum to take to the bank. Figure 6.3 shows prices as the market neared its
close. The prices are those recorded by the RoadMapTMsoftware on that
date. The E-mini S&P prices are recorded in the column on the far right
under the symbol ESH8. At 2:15 (14:15 hours) the S&P was trading at 1319.
The last price captured on the chart is 1329.50. However, the S&P actually
closed slightly higher, at 1333.50. As the proprietary software used by DTI
students shows, the S&P futures moved up sharply as the session came to
a close.