UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. Sept. 22 @ 2:00 pm ET - FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
* Fri. Oct. 1 @ 8:30 am ET - Core PCE Price Index m/m Data
* Fri. Oct. 8 @ 8:30 am ET - Employment Data
* Wed. Oct. 13 @ 8:30 am ET - CPI m/m & Core CPI m/m Data
* Wed. Oct. 13 @ 2:00 pm ET - FOMC Meeting Minutes
* Thurs. Oct. 14 @ 8:30 am ET - PPI m/m & Core PPI m/m Data
* Fri. Oct. 15 @ 8:30 am ET - Retail Sales & Core Retail Sales Data
* Fri. Oct. 15 @ 10:00 am ET - Prelim. UoM Consumer Sentiment
* Fri. Oct. 15 @ 10:00 am ET - Prelim. UoM Inflation Expectations
* Wed. Oct. 20 @ 2:00 pm ET - Beige Book Report
*** CLICK HERE for link to Economic Calendars for all upcoming events.
Friday, June 24, 2011
The Emerging Markets Index is wavering...
The EEM is wavering. Each candle on the chart below represents 3 days...the current candle began yesterday. Overlayed on the chart are 2 regression channels. It would appear that 41.66ish could represent a "line in the sand" level for this index to turn bearish in a meaningful way...it is roughly the former neckline of a H&S pattern that broke to the downside in August 2008, is approximately the "mean" of a larger regression channel that began in October 2007, and is approximately a -2 deviation of a shorter regression channel that began in May of 2010...in short, a confluence level and possible turning point.
Perhaps Monday's close of the current candle will shed further light as to whether price remains below the -1 deviation of the shorter regression channel and remains weak for the remainder of the week (and possibly year).
Such a bearish scenario would tie in with my last post below.