Following on the heels of yesterday's bearish trendline breaks on 6 of the 7 Major Indices, the SPX broke and closed below its uptrend line from the October 2011 lows in today's (Thursday's) price action, as shown on the chart below. Note that each candle represents three (3) days on this chart.
All seven Major Indices have now broken and closed below this major uptrend line in what could be a setup for a major move down. Any backtest of and subsequent failure to break and hold above the respective trendlines would confirm such a scenario. Of course, we may see continued (and even accelerated) weakness from here, which could send the related E-mini Futures Indices (YM, ES & TF) to their respective Head & Shoulders targets of 12400, 1330, and 735, inasmuch as their necklines have now been broken.
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. Dec. 25 ~ U.S. Markets closed for Christmas Day holiday
* Mon. Jan. 1 ~ U.S. Markets closed for New Year's Day holiday
* Wed. Jan 3 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Fri. Jan. 5 @ 8:30 am ET ~ Employment Data
* Wed. Jan. 17 @ 2:00 pm ET ~ Beige Book Report
* Wed. Jan. 31 @ 2:00 pm ET ~ FOMC Announcement
* Tues. March 20 ~ 2-day FOMC Meeting Begins
* Wed. March 21 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference
*** Click here for link to Economic Calendars for all upcoming events