Welcome and thank you for visiting!

The charts and comments in my Blog (posted in Eastern Time) represent my technical analysis and observations of a variety of markets...
*World Indices *U.S. Indices *Futures *U.S. Equities & Sectors *ETFs *Commodities *Forex
...an expanded version of the "Observations" section in my private Daily Trading Journal.

*** N.B. to my readers: Although I stopped trading in July 2013, I still take a peek at the markets now and then and post the occasional article here on my Blog.



Important Updates on World Market Index

*** N.B. Important updates (the latest one is May 22nd) on World Market Index found at this link...


* Mon. May 25 ~ U.S. Holiday: Memorial Day...markets closed
* Fri. May 29 @ 8:30 am ET ~ GDP + last trading day of the month
* Wed. June 3 @ 2:00 pm ET ~ Beige Book
* Tues. June 16 ~ 2-Day FOMC Meeting begins
* Wed. June 17 @ 2:00 pm ET ~ FOMC Meeting Announcement + 2:30 pm ~ Fed Chair Press Conference + FOMC Forecasts

Tuesday, January 03, 2012

This Week's Big Question..."Will Today's Gap Hold on the Major Indices?"

As can be seen from the following three 1-Year charts below (courtesy of www.barchart.com), stocks above their 20-Day, 50-Day, and 200-Day Averages are now sitting at major resistance levels...

In view of the above, my big question is, "Will today's gap hold on the Major Indices?" My second question is, "Can they advance convincingly from here?" The 1-Year charts of these indices are below...resistance and support levels are shown on the charts...price on each of them closed at or above prior resistance, and below the next resistance level (the Dow Utilities was the exception to today's action with the other indices, as it dropped significantly before resting on confluence support).

We'll see whether or not bulls come fully on board this week, and whether they can hold these indices above their new support levels....failure to do so, will send the indices back into their prior ranges, and they will be subject to further (and potentially, large) bearish downdrafts...the Nasdaq 100 and Russell 2000, in particular, are still quite vulnerable to bear raids.