WELCOME

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 $$$...

Weekend

Weekend

Events

UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. July 18 @ 2:00 pm ET ~ Beige Book Report
* Wed. Aug. 1 @ 2:00 pm ET ~ FOMC Announcement
* Fri. Aug. 3 @ 8:30 am ET ~ Employment Data
* Fri. Aug. 10 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. Aug. 22 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Mon. Sept. 3 ~ U.S. markets closed for Labour Day Holiday
* Wed. Sept. 26 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference
*** Click here for link to Economic Calendars for all upcoming events

IMPORTANT BLOG POST UPDATES...
* Trade Wars have escalated and now include diplomatic wars PLUS President Trump is cannibalizing prior U.S. market gains with his tariff tantrums against its world trading partners, while destabilizing a delicate world market balance

Thursday, May 19, 2011

Will this diamond break hold?...

In my post on May 8, 2011 ("A Diamond in the rough?"), I spoke of a possible diamond formation on the NQ Daily chart. The diamond was shown in pink on my chart, as well as arrows which delineated where possible support levels may lie. I'll give a brief update as to where the NQ is trading now relative to that formation. As can be seen on the Daily chart below, the price broke above the diamond and has held above the pink uptrending line that is an extension of that pattern, as well above as the apex which is around 2287ish. So far, the 50sma (red) has held as support as price has not yet closed below that level (currently at 2333). All support levels beneath today's closing price are still in effect, and today, the NQ closed above its last swing low set on May 5.                                


The next chart is a Daily chart of the YM. It is currently backtesting a rising trendline and is also holding above its rising 50sma. Additionally, it has closed above its prior swing low set on May 5.


The next chart is a Daily chart of the ES. It is currently backtesting a rising trendline and is also holding above its rising 50sma. Additionally, it has closed above its prior swing low set on May 5.


The next chart is a Daily chart of the TF. It is currently backtesting a rising trendline and is also holding above its rising 50sma. Additionally, it has also closed above its prior swing low set on May 5.


Below is a 60 min chart grid of YM, ES, NQ & TF. Price is trading at or below the uptrending regression channel "mean" on YM, ES & NQ. Price is trading above the downtrending regression channel "mean" on TF.


It remains to be seen as to whether all four e-minis will re-establish a Daily uptrend, or whether they will continue to chop within their respective channels. For now, the 50sma is holding as near-term support.