UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. Sept. 22 @ 2:00 pm ET - FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
* Fri. Oct. 1 @ 8:30 am ET - Core PCE Price Index m/m Data
* Fri. Oct. 8 @ 8:30 am ET - Employment Data
* Wed. Oct. 13 @ 8:30 am ET - CPI m/m & Core CPI m/m Data
* Wed. Oct. 13 @ 2:00 pm ET - FOMC Meeting Minutes
* Thurs. Oct. 14 @ 8:30 am ET - PPI m/m & Core PPI m/m Data
* Fri. Oct. 15 @ 8:30 am ET - Retail Sales & Core Retail Sales Data
* Fri. Oct. 15 @ 10:00 am ET - Prelim. UoM Consumer Sentiment
* Fri. Oct. 15 @ 10:00 am ET - Prelim. UoM Inflation Expectations
* Wed. Oct. 20 @ 2:00 pm ET - Beige Book Report
*** CLICK HERE for link to Economic Calendars for all upcoming events.
Wednesday, August 03, 2011
3-Day Candles close today...YM, ES, NQ & TF
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.