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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...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

Dots

...If the dots don't connect, gather more dots until they do...or, just follow the $$$...

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IMPORTANT BLOG POST UPDATES...
* Trade Wars have 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

Friday, May 27, 2011

Blue Triangle Apex and IH&S Neckline Breaks...

In Thursday night's after-hours action, the TF nearly hit the Blue Triangle Apex on my 4-hour chart below in a continued rally from its low of 800.50 set on Tuesday this week. The Apex level is at 835.80...price has also been swirling around this level since March 30 (it was a former Fibonacci confluence zone) and seems to be acting as a magnet. The 200sma (pink) and a 50% retracement level from the 872.00 high to the 800.50 low are also in the immediate vicinity of this level. The Apex level of 835.80 seems to be the "battle zone" between the bulls and bears...further confirmation is required to determine who will win.


Furthermore, the YM, ES, NQ & TF broke above their necklines of an IH&S formation on their 4-hour charts as shown on the chartgrid below. We'll see whether price can hold above the necklines or not.