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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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* If the dots don't connect, gather more dots until they do...or, just follow the $$$...

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Monday, October 10, 2011

Somewhere in between 100% and 1%...

Is volatility still present in the markets?...yes...How much do the markets move in a day?...somewhere in between 100% and 1% on a daily basis...What is this telling me?...that the markets cannot afford to be complacent on a daily basis for the time-being. The 4-hour chart below of the VIX shows the large trading range that it's been in since it broke above 25.00 at the beginning of August. Because of trend and price confluence, it's important that the VIX reclaim the level of 35.50 if it's going to resume its climb upwards to confirm a corresponding move down on equities. Otherwise, it may fall to the  next support level of 31.30. As I mentioned in my previous post on September 12, volatility will remain elevated as long as the VIX holds above 25.00, and we can probably expect further large and volatile intraday swings until it falls much further below that level (so far, that's been the case): http://strawberryblondesmarketsummary.blogspot.com/2011/09/money-is-always-interesting-subject.html

Should the YM, ES, NQ & TF continue their steep climb from last Tuesday, the next resistance levels are around:
  • YM = 11500 - 11600
  • ES = 1213 - 1220
  • NQ = 2295
  • TF = 710
Below are 4-hour charts of the YM, ES, NQ & TF showing regression channel/Fibonacci retracement resistance at those levels:

The corresponding resistance levels for the Dow 30, S&P 500, Nasdaq 100 & Russell 2000 are around:
  • Dow 30 = 11500
  • S&P 500 = 1210
  • Nasdaq 100 = 2300
  • Russell 2000 = 695 & 710
Below are 1-hour charts of the  Dow 30, S&P 500, Nasdaq 100 & Russell 2000 showing those resistance levels: