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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
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Monday, May 16, 2011
Due to other commitments, there will not be a post from me for a couple of days. My comments in the last two posts below still apply for now. Basically in this type of "distribution" environment pertaining to YM, ES, NQ, TF & NKD, I'd be looking for a variety of triangle formations within which to daytrade in either direction...e.g. typical triangles, broadening triangles with ABC corrections to 127.2-161.8% external Fibonacci/Fibonacci extension confluence levels, and diamonds...plus possible sideways channels....until a trending market emerges on their Daily charts. I would note that the ES, NQ, TF & NKD have all broken their last swing low on their Daily charts and would need to re-establish an uptrend on that timeframe if they were to resume an advance...the YM is threatening to break its prior swing low as I write this post.