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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

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





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Wednesday, July 20, 2011

The Markets & Elvis...

To sum it up, the markets so far this year are simply gyrating like Elvis' hips:

From the Daily chartgrid of YM, ES, NQ & TF above, you can see that:
  •  all 4 are trading above their Bollinger Band mid-point (with the YM & NQ higher than the ES & TF),
  • all 4 are still above their 50sma,
  • the YM & NQ are above their 38.2% Fibonacci retracement level of this year's trading range,
  • and the ES & TF are in between their 38.2 & 50% Fib retracement levels of this range.
My post of July 12 referred to this chartgrid: http://strawberryblondesmarketsummary.blogspot.com/2011/07/some-statistics-for-ym-es-nq-tf.html
Since then, price is relatively unchanged after retesting the low and the high of that day's price action. I would re-iterate that we would need to see volume evidence on the Daily timeframe that sustained buying is happening and not the large intraday swings that are still occurring in both directions...otherwise, we will likely see further drifting within this range until a catalyst comes into play that moves the markets one way or the other and outside of the range.

"Some people tap their feet, some people snap their fingers, and some people sway back and forth. I just sorta do 'em all together, I guess."
--Elvis in 1956, talking about his way of moving on stage

By the way, there will always be a debt crisis in countries around the world until their debt starts to (and continues to) decrease...it won't  be "solved" by delaying "paying the piper."