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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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Tuesday, August 23, 2011

Markets spinning their wheels...

Basically, the YM, ES, NQ & TF have been spinning their wheels in a sideways trend since last Thursday as shown on this 4-hourly chart:


Until a break and hold outside of this range occurs (with conviction and possibly a retest), expect more range trading. I would add that the shorter-term regression channel that I mentioned in yesterday's post is now downtrending on all 4 e-minis...however, price remains in between the -1 deviation level and the channel "mean" in the range.