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Tuesday, April 26, 2011

Pre-Fed Tuesday Summary...

Of the 4 e-minis, only YM has pushed and held above prior pivot resistance on the Daily chart so far:



http://screencast.com/t/hBQsWYZ3

At the moment, YM, ES, NQ & TF are all sitting above tomorrow's Daily PP (dotted pink line), as well as their 21ema's (broken white) & 50sma's (red) on the 60 min charts...I'll be watching intraday action tomorrow relative to these levels: 



http://www.screencast.com/users/strawberryblonde/folders/Jing/media/338f9c72-a15e-44fb-ba88-b6054354a9ee

The April Monthly R1 and PP levels for the 4 e-minis are as follows (in theory, potential targets for the remainder of this week/month):

YM R1 = 12571       YM PP = 12011
ES R1 =   1358.25    ES PP = 1299.75
NQ R1 = 2415.75     NQ PP = 2300.75
TF R1 = 866.60        TF PP = 818.40

No participation in today's advance from NKD today:


Any longer term bullish bias on my part would have to be confirmed, firstly, by all 4 e-minis breaking and holding above the above noted pivot resistance levels and, secondly, a gap-fill and a sustained close and move upward above 10,000 on NKD (pre-earthquake level). The longer that the NKD stays within its current sideways basing zone, the more I wonder about the overall health of Japan's economy, as well as the "real" state of the nuclear reactors...(this is my natural skepticism coming into play here and my take on how I view Japan at the moment...other more influential traders could, of course, discount/ignore this until and if a worse disaster occurs there). I've also still got the 80.00 level up on my radar on USD/JPY to see if price holds above it or not (the seemingly-agreed-upon level by the US and Japan)...price is currently below the apex of a broadening triangle on the Daily chart:


http://www.screencast.com/users/strawberryblonde/folders/Jing/media/a43e53a2-839f-4b02-9087-23b8eb8957fb

We'll see what the Fed delivers tomorrow and what the market's reaction is in the short term.