Yesterday's post below refers. The last red candle on the 3-Day chartgrid of YM, ES, NQ & TF began on Monday and closed today...the next candle has begun in after-hours trading. As can be seen on the chart below, ES & TF both closed below their respective H&S "necklines" on this timeframe on high volumes...the necklines are based on closes, rather than prior swing lows, as explained in my post on June 27:
In the event that these H&S formations eventually actualize, the potential downside targets would be:
YM = 10537 (range from yellow to red horizontal lines = 1168 points)
ES = 1158 (range from yellow to red horizontal lines = 107.75 points)
NQ = 1953.50 (range from yellow to red horizontal lines = 237.25 points)
TF = 684.20 (range from yellow to red horizontal lines = 93.90 points)
Depending on whether or not we've seen a near-term low established by today's bounce into the close and whether or not the buying pressure continues, I've drawn Fibonacci retracements on the 3-Day chartgrid below (beginning from the year's high to today's low). Should the rally continue, the 40% retracement levels are:
YM = 12116
ES = 1285
NQ = 2322.50
TF = 795.10
In the case of YM, ES & TF, these retracement levels are near the green horizontal lines (which represent the high of the green candle which began on June 20 and from which the last rally ensued for all 4 e-minis).
However, sustained buying will have to firstly occur (and hold) above the last red 3-Day candle's pivot point (PP) which is as follows:
YM = 11916
ES = 1264.50
NQ = 2317
TF = 775.40
Below is an updated 4-hour chartgrid with 2 regression channels...I also made reference to these charts in my post below. Currently, YM is trading just above the -2 deviation level of the larger uptrending channel, ES is trading just below, TF is trading just below, and NQ is trading just above the -1 deviation level. It will be important for these e-minis to trade (and hold) above their -2 deviation levels in order to preserve the integrity of this uptrending channel on this intraday timeframe.
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...
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. Mar. 3 @ 2:00 pm ET ~ Beige Book Report
* Fri. Mar. 5 @ 8:30 am ET ~ Employment Data
* Wed. Mar. 10 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Tues. Mar. 16 @ 8:30 am ET ~ Retail Sales Report & Core Retail Sales Report
* Wed. Mar. 17 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
* Wed. Apr. 7 @ 2:00 pm ET ~ FOMC Meeting Minutes
*** Click here for link to Economic Calendars for all upcoming events