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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...
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Thursday, May 05, 2011

Not everyone on board yet...

Today was a short-sellers dream in the world of commodities, forex and many ETF's.

ZF, ZN & ZB closed near their highs today and over their prior swing highs set in January and March of this year, as seen on this Weekly chart grid:

The following Daily chart grid shows possible IH&S patterns on these futures beginning from last December with a close above a neckline break...will see if this neckline area holds as support if price retests this level:

Although YM, ES, NQ & TF closed down again today, today's intraday action saw some rather large swings in both directions...it would seem that not everyone is holding yet on the short side on equities, particularly in NQ...today's close is shown on the 4-hour chart grid below:

Each candle on the next chart grid of YM, ES, NQ, TF, & NKD represents 3 days/candle. The current candle is Day 2 and will finish tomorrow. As can be seen on these charts, the overall uptrend from last July is still intact:

In my view, the "pulse of the patient," as it relates to the markets, is the last closing price of that patient. Tomorrow, I'll be checking the pulse of the e-mini futures relative to today's close, as well as tomorrow's Daily Pivot Point to gauge the directional preference, as well as evaluating momentum and internal volatility patterns (eg, large vs small swings/reversals). I'll include tomorrow's action on NKD, as well as the behaviour of the commodity, forex and bond markets. Their actions will have to convince me that short-selling is still the "order of the day" and in my best interest (and good for my pulse)!