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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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Monday, July 11, 2011

Crossroads for YM, ES, NQ & TF...EUR/USD...

My post last Friday made reference to the 4-Hour charts of YM, ES, NQ & TF:

Last Wednesday's swing low was broken today on all 4 e-minis on this timeframe, which, in turn, has broken the 4-Hour uptrend. In addition, a new Cummulative TICK low was made today below Wednesday's low TICK.

Below is a 4-Hour (market hours only) chartgrid of YM, ES, NQ & TF. By the end of today, the MACD histogram turned negative, along with MACD crossovers...as well, the Stoch's crossed over to the downside on Friday's gap down. Price is currently above the mid-point of the Bollinger Bands (BB's) on YM, just below the mid-point on the ES, in between the mid-point to lower BB on NQ, and just below the mid-point on TF. Also overlayed on the charts are Fibonacci fan lines taken from the June lows to Thursday's highs...price is currently just above the 38.2% fan line on YM, in between the 38.2 & 50% fan lines on ES, just above the 38.2% fan line on NQ, and at the 38.2% fan line on TF.

In my opinion, today's low is an important confluence level. I'll be looking for continued weakness below today's low on an acceleration of downside momentum with confirming volumes. Failing that, there are a couple of unfilled gaps above last Thursday's close...price may wish to close those gaps at some point and form a range in between today's low and Thursday's high until a breakout (with conviction) occurs on either side.

And, since all eyes are on the Euro these days, I've added my Daily chart of the EUR/USD with the levels identified that I'm watching. A break below today's low and then June's low of 1.39689, could send this Forex pair down to 1.382ish at some point...otherwise, there may be more range trading above. BTW, the 1.33 level that you see on this chart was mentioned in my post on June 23:

And, somewhere in Greece...