Welcome and thank you for visiting!

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...
please read my full Disclaimer at this link.


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




* Mon. Dec. 25 ~ U.S. Markets closed for Christmas Day holiday
* Mon. Jan. 1 ~ U.S. Markets closed for New Year's Day holiday
* Wed. Jan 3 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Fri. Jan. 5 @ 8:30 am ET ~ Employment Data
* Wed. Jan. 17 @ 2:00 pm ET ~ Beige Book Report
* Wed. Jan. 31 @ 2:00 pm ET ~ FOMC Announcement
* Tues. March 20 ~ 2-day FOMC Meeting Begins
* Wed. March 21 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference
*** Click here for link to Economic Calendars for all upcoming events

Thursday, September 22, 2011

Fibonacci Confluence Zones on Major Indices

Further to my last post, I would offer the Daily chartgrid below of the Dow 30, S&P 500, Nasdaq Composite, and Russell 2000. Overlayed on each chart are two Fibonacci fan line drawings and an external Fibonacci retracement drawing. The downtrending fan lines begin at the highs of 2007, the uptrending fan lines begin at the 2009 lows, and the external retracement begins at this year's August lows. The support level targets to which I referred yesterday are also shown...these levels are in the vicinity of intersecting Fibonacci confluence levels.

At the time of writing this post, price has fallen below the 50% level of the August range, but is still contained within...we'll see how it closes the day and where price eventually ends up over the next days and weeks to come.