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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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Beach

Beach

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Wednesday, May 18, 2011

TF Update...

Today the TF closed back inside the BLUE triangle that had been forming since the beginning of the May Opt. Exp. period (as well as since the beginning of April...the 2nd Quarter) & just below the apex @ 835.80 and the 50sma (see 4-hour chart below). If price breaks & holds above the triangle downtrend line at some point, watch for the 50sma (red) to cross back above the 200sma (pink) and for price to hold above the 50sma on any further advance, as well as a re-establishment of a new uptrend. Otherwise, there could be more sideways movement (generally speaking) in the longer term between 872.00 and 813.10 as shown on the second chart (1-hour) below.



Just a general comment re: YM, ES, NQ & TF...for now the 50sma on their Daily charts is a tough level for bears to capture and hold price beneath. Even the NKD closed above its downtrending 50sma today.