Looking at the Daily charts below of YM, ES, NQ & TF, 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...so, very simply, I'd like to see price remain above the middle Bollinger Band on future upward price movement with the caveat that high volumes support such a move, particularly on any breakout and hold above April's highs. Otherwise, we may see further choppy sideways movement, or a deeper pullback until a new trend is established.
Inasmuch as the TF was unable to close near its high of the day, this e-mini futures index, especially, will need to attract heavier buying interest if it is going to present us with a convincing rally.
Additionally, I'm still mindful of my comments of April 13th with respect to the NQ...namely:
"The NQ's volume in the Volume Profile from February onwards is very thin, which
signals a potential weakness/problem in this e-mini futures index being able to
advance much further and hold above its 2011 highs. I wouldn't be surprised to
see price drop back to this level at some point and further buying volumes
finally enter to support a convincing rally...no doubt this would have a
negative impact/drag on the other three indices."
The 4-Hour charts below show that price has rallied to the 61.8% Fibonacci retracement level on the YM, and touched the 50% level on the ES, NQ & TF. A short-term bullish scenario as I've described above would put all four on track to potentially reach their 127.2% external Fibonacci retracement targets which I described in my post of April 12th by Options Expiry Friday, April 20th. Since these are pretty lofty targets, we'd need extreme bullish advances to occur over each of the next three days...we'll see what happens.
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...
* Wed. March 6 @ 2:00 pm ET - Beige Book Report
* Fri. March 8 @ 8:30 am ET - Employment Data
* Wed. March 20 @ 2:00 pm ET - FOMC Rate Announcement + Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
* Wed. April 10 @ 2:00 pm ET - FOMC Meeting Minutes
*** CLICK HERE for link to Economic Calendars for all upcoming events.