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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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...If the dots don't connect, gather more dots until they do...


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Tuesday, July 05, 2011

YM, ES, NQ & TF at varying levels of resistance...

Each candle on the chartgrid below of  YM, ES, NQ & TF represents 3 days...the last green candle shows how Day 3 closed (today). Each e-mini is at a slightly different level of resistance in relation to the horizontal white lines which are approximate potential H&S right shoulder levels...although the upward sloping dashed channel line on YM could be in the vicinity of a potential right shoulder zone. The TF closed above its level today and I would say that this is now near-term support, which is pretty much at today's low. As well, I would have to say that this close has now invalidated this potential H&S formation for the TF on this timeframe. Not to say, of course, that price won't reverse direction at some point...that remains to be seen.