My post of June 27, 2011 refers: http://strawberryblondesmarketsummary.blogspot.com/2011/06/ym-es-nq-tf3-day-candles.html
Here is an updated shot of that chartgrid of the YM, ES, NQ & TF...each candle represents 3 days...the last candle closed today.
As I mentioned in my prior post, the white horizontal line represented, at that time, the highest close on the left shoulder of a potential H&S formation for this timeframe for this year and presented possible price targets.
This level was reached by all 4 e-minis two weeks ago. The YM is well above this level, the ES is just above this level in after-hours trading, and the NQ & TF are still above this level in after-hours trading after closing above today.
These will be important levels to secure by the bulls if they are to make a convincing argument against price returning to the red horizontal line and forming a possible right shoulder of a rather large H&S formation (thus, forming a neckline at the red line) (or to the bottom of the upward sloping channel in the case of the YM). Such a H&S formation is sloppy, however, on the NQ & TF inasmuch as price has already closed above this white line and the ES has pierced it. However, the ES has not yet closed above this line on this timeframe (today's close was 1342.75) and that was what the levels in my post were based on...it, therefore, has the highest potential of returning to the neckline...no doubt, if that were to occur, the others would follow.
In any event, I'm skeptical that pure technical parameters must be met anymore since the advent of QE1 and QE2.
Welcome and thank you for visiting!
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.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* 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...please read my full Disclaimer at this link.
* If the dots don't connect, gather more dots until they do...or, just follow the $$$...
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Fri. Oct. 6 @ 8:30 am ET - Employment Data
* Wed. Oct. 11, 2023 @ 2:00 pm ET - FOMC Meeting Minutes
* Wed. Oct. 18 @ 2:00 pm ET - Beige Book Report
* Wed. Nov. 1 @ 2:00 pm ET - FOMC Rate Announcement + Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
* Wed. Dec. 13 @ 2:00 pm ET - FOMC Rate Announcement + Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
*** CLICK HERE for link to Economic Calendars for all upcoming events.