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Friday, May 13, 2011
Friggatriskaidekaphobia...Fear of Friday the 13th!
While the YM, ES, NQ & TF basically high-based on their Daily charts, the NKD didn't finish the week quite so well-off...I'll be continuing to see what effects any further downside movement on NKD may have on the e-minis.
Each candle on the next chart grid of YM, ES, NQ & TF represents a one-month Options Expiry Period...the current candle will expire next Friday (May 20) and represents the April-May period. These candles also show these e-minis high-basing just below their respective highs established since January of this year and above their respective March-April Opt. Exp. Pivot Point...which, so far, could be interpreted as a bullish April-May Opt. Exp. period.
For data buffs, the Opt. Exp. Pivot Points which are in effect for the current period are as follows (calculated from the prior candle's H/L/C--the March-April period):
YM = 12171
ES = 1310
NQ = 2295.50
TF = 827.90 (N.B. Friday's closing price on this e-mini is the weakest compared with the other 3 e-minis and is closest to its Pivot Point level...very close at only 4.60 points above...furthermore, Friday's closing price is presently below the closing price of the last period...the bullish lustre on this e-mini is beginning to tarnish, and some of the lustre has been lost on the other 3 e-minis, as well)
The 60 min chart grid below of YM, ES, NQ & TF reveals that continued action occurred within a basically sideways-trending channel for a good part of the April-May Opt. Exp. period and did not break out today. In my last post below, I made reference to this zone. I have to say that I have the same conclusions for tonight's review that I had in that post. Furthermore, on a Daily basis, they are technically still in uptrend...however, it is becoming increasingly messy and questionable. I'll see what next week (Options Expiry Week) brings.