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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

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.
* 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...

Dots

...If the dots don't connect, gather more dots until they do...or, just follow the $$$...

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UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
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*** Click here for link to Economic Calendars for all upcoming events

Thursday, September 22, 2011

Fibonacci Confluence Zones on Major Indices

Further to my last post, I would offer the Daily chartgrid below of the Dow 30, S&P 500, Nasdaq Composite, and Russell 2000. Overlayed on each chart are two Fibonacci fan line drawings and an external Fibonacci retracement drawing. The downtrending fan lines begin at the highs of 2007, the uptrending fan lines begin at the 2009 lows, and the external retracement begins at this year's August lows. The support level targets to which I referred yesterday are also shown...these levels are in the vicinity of intersecting Fibonacci confluence levels.

At the time of writing this post, price has fallen below the 50% level of the August range, but is still contained within...we'll see how it closes the day and where price eventually ends up over the next days and weeks to come.