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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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Thursday, July 14, 2011

On a different note...

At the risk of repeating myself ad nauseam with respect to what the 4 e-mini futures are doing or where they are within their 2011 large sideways trading range, I'll just mention a couple of things.

First, the large, unwieldy intraday swings of late are beginning to feel like they did before and during the drop in 2008.

Second, I'm posting the following three charts (courtesy of  Barchart.com).





As can be seen, the percentage of stocks trading above their respective 20, 50 and 200-Day moving averages is hovering around 50% or a little above. The 50 and 200-Day moving averages are trending down on the second and third charts, giving a bearish tilt to things. All three charts are a reflection of the range-bound markets in general, and my only comment would be that I'd like to see the percentages either:
  1. turn higher and remain above 70% on the second and third charts, in particular, in support of any market breakout of the Daily trading range that may occur at some point to the upside, or
  2. turn lower and remain below 40% on the second chart and below 50% on the third chart in support of any breakdown below the Daily trading range.