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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...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
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* Wed. Dec. 13 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference
Friday, September 23, 2011
The most interesting thing I could find to write about after today's and yesterday's whippy intraday range-bound action was the decidedly bearish finish to the week (on high volume) on the YM, ES, NQ & TF as shown on the Weekly chartgrid below.
They seem to be pointing the way down to the -2 deviation level of the uptrending regression channel, which began at the March 2009 lows, and is roughly in the vicinity of the 50% Fibonacci retracement levels from those lows to the highs reached this year. These confluence zones are sitting around 10000 on the YM, 1050 on the ES, 1800 on the NQ, and 600 on the TF (although I wouldn't be surprised to see the TF fall to around 550).
We'll see whether the bearish momentum continues next week, or whether a small bounce occurs first.