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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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* 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.

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





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Thursday, June 09, 2011

What I noticed on ES and EUR/USD today...

When I interrupted my vacation and logged on briefly today after the market closed, one thing jumped out at me from a quick look at my charts. There are some declining wedge formations shown on the Daily charts below of YM, ES, NQ & TF. The ES seems to be the weakest of the four e-mini futures in terms of where it closed today relative to its wedge. As can be seen, it closed just below the bottom of the falling wedge for the fourth day in a row after backtesting this line today...will see where it goes tomorrow.

My post on May 29 contained a monthly, weekly and daily analysis of the EUR/USD: http://strawberryblondesmarketsummary.blogspot.com/2011/05/eurusduptrend-or-downtrend.html
Since then, it looks as though profit-taking has been taking place as it approaches overhead supplies, and it has, so far, been unable to reach a price level of 1.5 this year as shown on the Daily chart below. Will see what happens to it around the 50sma (red)...whether this will hold as a level of support or not if re-tested.

Back to my Lay-z-boy...