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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...
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Friday, June 03, 2011

The top of the "March Dip" holding as near-term support so far on YM, NQ & TF...ES is weaker...

Below is a Daily chartgrid of YM, ES, NQ & TF. So far, the top of the "March Dip," which occurred near the end of the Feb-March Option Expiry period, is holding as near-term support for YM, NQ & TF. Overlayed on the charts is a Volume Profile for each monthly OPEX period. The POC for each monthly OPEX profile is the red horizontal lineThe Feb-March POC happens to line up nicely with the beginning of the "March Dip." As I'm writing this today, the YM is currently trading above the Feb-March POC (but dipped below in pre-market trading), the ES is currently trading below the Feb-March POC, the NQ is currently trading above the Feb-March POC (and the pre-market low traded just above it), and the TF is currently trading above the Feb-March POC. All four e-minis are trading below the current May-June OPEX period POC and the prior April-May OPEX period POC.

From this comparison, the ES is the weakest, with the YM next, followed by the NQ and finally the TF with respect to current price vs the top of the "March Dip."