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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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Thursday, December 08, 2011

Update on YM...

Further to my notation made in last night's post regarding the YM 15 minute chart, I would mention that the 50 sma (red) has now crossed below the 200 sma (pink) in a bearish Death Cross formation on this timeframe as shown on the chartgrid below...this formation is now in effect for the YM, ES, NQ & TF...whether this weakness persists, or whether dip buyers will come in here to attempt to fill today's gap down remains to be seen...they are all trading below their respective 50% Fibonacci retracement level in this current trading range.

The 1-Day 1-minute percentage comparison chart below shows that today's initial bounce at the market open was led by the Nasdaq 100, with the Financials ETF, XLF, the weakest...the Euro has remained fairly flat from the open...the Commodities ETF, DBC, has basically traded in tandem with the S&P 500.

I'm watching my 4-Hour VIX chart below...a break and hold above 30.50 could send the S&P 500 plunging.