You can see on the 4-Hour charts below that, from their March high to April low, the YM, ES, NQ & TF are still trading within their Fibonacci retracement zone. All of them are below the 50% level, with YM as the strongest, followed by ES, NQ, and TF, respectively.
The YM and ES have formed an uptrending channel from the low, and price is still trading within it after Thursday's close, although the YM pierced briefly below in Thursday's trading.
The NQ and TF are still trading within a downtrending channel from high to low, although the NQ pierced briefly above in Thursday's action, and the TF is attempting to form an uptrending channel.
I mentioned in my post of April 17th that I'd be looking for a continuation of Tuesday's advance and a hold above its high
on any retest before I would assign a "bullish" rating to all four in
the short term. Since that hasn't happened, we'll have to see whether we get more choppy sideways movement, or a resumption of the pullback below the low of the Fibonacci retracement, or whether we see price stair-step upwards to break and hold above Tuesday's high, before a new trend is eventually established on a Daily timeframe. I'd re-iterate that should this third scenario play out, I'd like to see high volumes support such a move, particularly on any breakout and hold above April's high, especially with respect to the NQ (for the reasons I explained on April 17th).
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
* 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...please read my full Disclaimer at this link.
* If the dots don't connect, gather more dots until they do...or, just follow the $$$...
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Fri. Oct. 7 @ 8:30 am ET - Employment Data
* Wed. Oct. 12 @ 2:00 pm ET - FOMC Meeting Minutes
* Wed. Oct. 19 @ 2:00 pm ET - Beige Book Report
* Wed. Nov. 2 @ 2:00 pm ET - FOMC Rate Announcement + Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
* Wed. Dec. 14 @ 2:00 pm ET - FOMC Rate Announcement + Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
*** CLICK HERE for link to Economic Calendars for all upcoming events.