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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

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




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Wednesday, September 21, 2011

TF swirling around confluence...

Below are two 4-hour charts of the TF. The first shows a larger picture with a Fibonacci retracement and 2 regression channels overlayed on it.

The second is a closer look at this chart...at the moment price is just beneath a merging confluence of :
  • uptrend line (which began at the August low and which has been broken for the third time with today's action)
  • the "mean" of the longer-term downtrending regression channel, as well as the "mean" of the shorter-term uptrending channel
  • 50 sma (red) & 200 sma (pink)
  • Monthly VWAP (broken blue line)
  • Monthly Volume Profile POC (horizontal dotted pink line at the right edge of the chart)
As well, price has been unable, so far, to remain above the lower one-third of the Fib retracement level and has retraced to just above the 38.2% level on one occasion.

Price action so far today has been indecisive as evidenced by the last two high wave spinning tops...hardly surprising pending the outcome of the Fed meeting today.

The last chart is a 60 minute (market hours only) comparison chart of the Russell 2000 with the Nasdaq 100, the Dow 30 and the S&P 500. With such a large spread between the Russell and the Nasdaq (with the Dow & S&P caught in the middle), it will be interesting to see which of these two accelerates or decelerates the most to potentially catch up with movement either up or down in due course.