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




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Monday, September 19, 2011

Too much "bounce" left...

While Commodities are co-operating today, there is still too much "bounce" left in the Nasdaq 100 and the EURO for a meaningful decline to continue with conviction at the moment. The NQ is showing relative strength as it tries to regain the upper one-third of its trading range from this year's high to low as shown on the 4-Hour chartgrid below.

A downward sloping Head & Shoulders breakdown has occurred on the YM, ES, NQ & TF...however price is bouncing around in between the 50 & 200 smas on the 60 min charts below which may define a trading range until Wednesday's Fed meeting.

The YM & TF did reach the confluence zones mentioned in Friday afternoon's post, but the ES & NQ did not (as of this moment) as shown on the 60 min (market hours only) charts below...will see how they close out the day.