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Monday, July 18, 2011

Near-term Support & Resistance...YM, ES, NQ & TF

Below is a 4-hour chartgrid of YM, ES, NQ & TF with 2 regression channels...the longer one begins around the end of November 2010 for YM, around the end of October 2010 for ES, around mid-November 2010 for NQ, and around the end of October 2010 for TF...the shorter one begins around the beginning of May 2011 for all four.

As things stand at the moment and relative to their current levels within these channels, I'd put near-term resistance around:
YM = 12375...then 12500
ES = 1321...then 1333
NQ = 2353...then 2400
TF = 825...then 838.50

I'd put near-term support around:
YM = 12150...then 12030
ES = 1293...then 1281
NQ = 2331...then 2285
TF = 808...then 795


As can be seen, price is currently trading:
YM = just below the level at which both channels' "means" intersect (at 12375ish)
ES = approximately 20 points below this intersection (of 1321ish)
NQ = just above this intersection (of 2331ish)
TF = approximately 9 points below this intersection (of 825ish)

At the moment, the NQ is showing greater relative strength, followed by the YM, ES & TF with respect to their position within these regression channels. Any breakdown of the YM, ES & TF below current levels would require the participation of the NQ.

I wonder if these horses felt as tired as I feel at the end of a trading day...