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.
Saturday, August 20, 2011
How the EEM and NKD closed out the week...
Each candle on the chart below of the EEM (Emerging Markets Index) represents 3 days...the current candle closed on Friday. It has broken and closed below the neckline of the former H&S pattern (41.66) and engulfs the prior two candles after a backtest of the -2 deviation level of the uptrending regression channel that it broke through on the "gap breakaway" candle that began on August 4. This candle pattern is indicative of a continuation to the downside.
Below is a Daily chart of the NKD (Nikkei 225 Futures Index). Friday's candle closed below the downtrend line from the "pink diamond" pattern that I described in Thursday's two posts. Should the NKD continue down, the next support level is around 8200.
The last chart below is a 3-day chart of the NKD...it shows more clearly the potential for a continuation to the downside.
The downward momentum is still accelerating on both the EEM and the NKD...will see how next week plays out.