An attempt to add to the past several weeks' advance was sharply halted at resistance today on the Major Indices, as shown on the following 60-day 60-minute charts of the Dow 30, S&P 500, Nasdaq 100, Russell 2000, and Financials ETF...price stopped at or around recent support (critical technical and psychological support levels)...should these support levels be broken with conviction, we may see these markets resume their bearish tilt with moves down to the bottom of their large trading range. I'm mindful of a variety of unfilled gaps below (which I've spoken about in prior posts) which represent "thin ice," above which present a questionable and risky continued advancement scenario for the bulls at this time.
Below are 4-hourly charts of the YM, ES, NQ & TF, which corroborate the retreat from resistance levels...these are comprised of a confluence of Fibonacci levels and regression channel deviation levels as shown...note the high selling volume today.
The Daily chartgrid below of the YM, ES, NQ & TF show that price has been unable to penetrate above the 200 sma (pink) on the YM, ES & TF so far...time will tell whether the NQ will be able to hold above its 200 sma.
The following two Daily charts of the Financials ETF, XLF, also show the retreat at overhead resistance...13.29 is a major stumbling block at this time, while 13.00 is an important near-term support level. I've said repeatedly that the Equities markets will need the Financials to come on board if they are to continue in a meaningful rally.
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.
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Mon. Feb. 19 ~ U.S. markets closed for Presidents Day Holiday
* Wed. Feb. 21 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Wed. Mar. 7 @ 2:00 pm ET ~ Beige Book Report
* Fri. Mar. 9 @ 8:30 am ET ~ Employment Data
* Tues. Mar. 13 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. March 21 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference
* Wed. May 2 @ 2:00 pm ET ~ FOMC Announcement
*** Click here for link to Economic Calendars for all upcoming events