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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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Friday, July 01, 2011

NKD hits 10,000 again...YM, ES, NQ & TF...July 4th, 2011

I've written several posts regarding the trading action and formations on the NKD (Nikkei 225 Stock Average Index Futures)...the last being on May 8, 2011:  http://strawberryblondesmarketsummary.blogspot.com/2011/05/nkd-usdjpy-update.html

Since then, the NKD has bounced around in between a variety of support and resistance levels and has once again rallied to touch the 10,000 level in today's intraday action...price, however, closed just below at 9995 as shown on the Daily chart below. This is an important number it would seem for the bulls to re-claim and there are intersecting lines of resistance here. We'll see whether they continue to push this up and over resistance in spite of my overheated RSI reading or whether they'll cool things off a little next week. No doubt if price continues to move upward, this level would be retested before resuming its climb. I would also add that although, technically-speaking, price has made a higher high on the Daily timeframe, it has yet to make a higher low since its last low of 9315 on June 17 (which, incidentally, is the lowest low that has been made since the plunge after the earthquake when it reached a low of 8200 on March 17).

Therefore, I would consider this index to still be in a sideways trend, or possibly an expanding triangle formation until either a new uptrend or downtrend is established.

The Daily swings on the YM, ES, NQ & TF have been rather sloppy, to say the least, since February of this year as shown on the chartgrid below. The high and low swings lack confirmation of up or down trend, and I will say that they're currently in a sideways trend. About all I can say at the moment is that, like the NKD above, my RSI is running hot on these, as well, and we'll have to wait and see whether or not these cool off next week. I would add that the TF is at a level where a right shoulder of a potential H&S formation could develop...I made reference to this in my post below on June 30.

Hope everyone has a terrific long weekend! Happy July 4th!