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