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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...
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Thursday, September 27, 2012

YM, ES, NQ & TF Channel Update on Daily Timeframe

The Daily charts below show that the YM and ES are hugging the channel "mean," the NQ has, once again, bounced off the upper level of its channel, and the TF is trading back inside its channel. Volumes are increasing, which are likely signalling either a resumption of the uptrend, or a reversal. Inasmuch as my very short-term RSI indicator is not yet in overbought territory (a reading of 98 is overbought), we may see another day (or several) trade higher before we see a reversal to, potentially, the lower channel.

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