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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

N.B.
* 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.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

Dots

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NOTABLE POSTS WITH IMPORTANT UPDATES...

Tuesday, July 05, 2011

YM, ES, NQ & TF at varying levels of resistance...

Each candle on the chartgrid below of  YM, ES, NQ & TF represents 3 days...the last green candle shows how Day 3 closed (today). Each e-mini is at a slightly different level of resistance in relation to the horizontal white lines which are approximate potential H&S right shoulder levels...although the upward sloping dashed channel line on YM could be in the vicinity of a potential right shoulder zone. The TF closed above its level today and I would say that this is now near-term support, which is pretty much at today's low. As well, I would have to say that this close has now invalidated this potential H&S formation for the TF on this timeframe. Not to say, of course, that price won't reverse direction at some point...that remains to be seen.