Next Friday is Options Expiry. Looking at the Weekly charts of YM, ES, NQ & TF below, we can see that they closed the week at or just below resistance on higher volume, with Bollinger Bands widening, which suggests an upward continuation. In support of this suggestion, the Dow 30, Dow Transports, Dow Utilities, S&P 500, Nasdaq 100, and Russell 2000 all closed above their support levels that I mentioned in my post on January 10th.
If they break and hold above, they may make a run towards the upper Bollinger Bands on the charts below...each candle represents a one-month Options Expiry period...the current candle will close on January 20th. We'll see if they do break and hold above resistance, and how far they rally...alternatively, price may drop to the mid-Bollinger Band on either timeframe. Inasmuch as it's a short week, we may see daily opening gaps occurring from aggressive overnight trading with market makers running prices further up during market hours in order to reach such lofty targets.
Enjoy your long weekend!
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) ECONOMIC EVENTS...
* Fri. Oct. 7 @ 8:30 am ET ~ Employment Data
* Wed. Oct. 12 @ 2:00 pm ET ~ FOMC Minutes
* Wed. Oct. 19 @ 2:00 pm ET ~ Beige Book Report
* Tues. Nov. 1 ~ 2-day FOMC Meeting Begins
* Wed. Nov. 2 @ 2:00 pm ET ~ FOMC Announcement
* Tues. Dec. 13 ~ 2-day FOMC Meeting Begins
* Wed. Dec. 14 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference
2016 U.S. POLITICAL EVENTS...
* 2016 U.S. Republican National Convention -- July 18-21
* 2016 U.S. Democratic National Convention -- July 25-28
* 2016 U.S. Presidential Debates -- September 26, October 9, October 19
* 2016 U.S. Vice-Presidential Debate -- October 4
* 2016 U.S. Presidential Election -- Tuesday, November 8