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

* 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.
* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* 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...please read my full Disclaimer at this link.


* If the dots don't connect, gather more dots until they do...or, just follow the $$$...

Vintage Xmas Shopping

Vintage Xmas Shopping



* Fri. Dec. 8 @ 8:30 am ET - Employment Data
* Wed. Dec. 13 @ 2:00 pm ET - FOMC Rate Announcement + Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
* Wed. Jan. 3, 2024 @ 2:00 pm ET - FOMC Meeting Minutes
* Wed. Jan. 17 @ 2:00 pm ET - Beige Book Report
* Wed. Jan. 31, 2024 @ 2:00 pm ET - FOMC Rate Announcement + Forecasts and @ 2:30 pm ET - Fed Chair Press Conference

*** CLICK HERE for link to Economic Calendars for all upcoming events.

Tuesday, May 24, 2011

Bearish Three-Black-Crows Formation on NQ & NKD & Other Bearish Signals for YM, ES, NQ & TF...

Traders were able to eventually push price up sufficiently on the NKD to fill its gap that occurred right after the earthquake in mid-March. However, the buying stopped immediately after the gap fill and price failed to hold above 10000. Since last Thursday, a bearish Three-Black-Crows candle pattern has formed as shown on the Daily chart below. After a modest rally, price has now fallen back and is holding beneath the 50sma (red). A break with conviction below near-term support levels of 9420 & 9320 could prove to be problematic for this index.

The NQ has broken below its uptrending line that was part of the pink diamond formation on the Daily chart. After completing a Three-Black Crows candle pattern today, price is falling below the diamond apex at around 2285 as I write this in the after-hours trading session as shown on the chart below. The next support level is around 2250.

Further to my post (below) this morning, I would note that downside momentum continues to build on YM, ES, NQ & TF and price is holding beneath their respective 50sma's (red), although the RSI's are beginning to heat up a bit as shown on this Daily chartgrid:

I would also note that the TF has broken and closed below a Head & Shoulders neckline yesterday and today on the Daily chart. An eventual downside potential target lies at 754.80 as shown on the chart below.