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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*Trade Warshave escalated and now include diplomatic wars PLUS President Trump is cannibalizing prior U.S. market gains with his tariff tantrums against its world trading partners, while destabilizing a delicate world market balance
Tuesday, April 26, 2011
Pre-Fed Tuesday Summary...
Of the 4 e-minis, only YM has pushed and held above prior pivot resistance on the Daily chart so far:
At the moment, YM, ES, NQ & TF are all sitting above tomorrow's Daily PP (dotted pink line), as well as their 21ema's (broken white) & 50sma's (red) on the 60 min charts...I'll be watching intraday action tomorrow relative to these levels:
Any longer term bullish bias on my part would have to be confirmed, firstly, by all 4 e-minis breaking and holding above the above noted pivot resistance levels and, secondly, a gap-fill and a sustained close and move upward above 10,000 on NKD (pre-earthquake level). The longer that the NKD stays within its current sideways basing zone, the more I wonder about the overall health of Japan's economy, as well as the "real" state of the nuclear reactors...(this is my natural skepticism coming into play here and my take on how I view Japan at the moment...other more influential traders could, of course, discount/ignore this until and if a worse disaster occurs there). I've also still got the 80.00 level up on my radar on USD/JPY to see if price holds above it or not (the seemingly-agreed-upon level by the US and Japan)...price is currently below the apex of a broadening triangle on the Daily chart: