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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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Friday, September 09, 2011

The "fly in the bear ointment"...


At the moment, technology is the "fly in the bear ointment." As can be seen on the Daily chartgrid below of the YM, ES, NQ & TF, the NQ is still displaying relative strength as it holds within the middle-third section of this year's entire trading range, while the others closed near the bottom of their August range, in the lower-third section of this year's trading range, and below their downtrending regression channel's "mean."


The one notable range breakout(down) today was EUR/USD as shown on the Daily chartgrid below...whether this continues next week is another question. It will be interesting to see how much longer any big moves on the Euro (and the US$) influence the above e-mini futures. I'll also be watching to see if more $ flow into the US$ than into Gold, particularly if there is a large tumble on all commodities, including Oil.


A couple of different shots of the EUR/USD are below...the first one is a Daily chart which shows that price closed just above the mid-point of a prior downtrending channel. The lower portion of this channel is around 1.3000ish.


The second is a Weekly chart which shows that price closed just below the "mean" of the slightly downtrending regression channel. There is a confluence zone at 1.3000ish on this chart where an uptrend line intersects with the -1 deviation level of the channel.


Will see what surprises next week has in store for the markets. Enjoy your weekend!