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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

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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NOTABLE POSTS WITH IMPORTANT UPDATES...

Wednesday, May 11, 2011

No one in charge?...

The chart grid below shows 30 min (market hours only) charts of YM, ES, NQ & TF. As can be seen, a small opening gap down has been left unfilled on today's action on all except NQ which lagged the initial decline.


The chart grid below shows 60 min (24 hour) charts of these 4 e-minis. Overlayed on the charts is a regression channel. As can be seen, a fair amount of consolidation has taken place just above and below the channel "mean" (broken pink line) and within the horizontal white lines. It remains to be seen as to which direction the markets will finally commit...either above or below these compressed zones.


As long as these markets stay locked within these levels, it is my opinion that neither the bulls nor the bears are in control and they will continue essentially in a sideways movement until a breakout and possible retest occurs (i.e. above 12780 or below 12525 on YM, above 1360 or below 1328.50 on ES, above 2415 or below 2363 on NQ, and above 855 or below 823 on TF). As a daytrader, I'll have to find "levels within these levels" to assess during market hours until a solid breakout occurs.