Further to my post of June 29th, I'm watching the YM, ES, NQ & TF 4-Hour charts as price drops, once again, toward the two intersecting 50% Fibonacci fan lines with the horizontal support levels of 12460 for YM, 1327.50 for ES, 2578 for NQ, and 778 for TF. Price has already reached and dipped just below this level on the NQ.
If price cannot hold above this level on these e-mini futures indices, they are in danger of dropping down to or below the June lows.
Correlated with these are the Daily charts of the 4 Major Indices, to which I referred in my post of July 6th. Price has come down to a confluence support level of the mid-Bollinger Band and the 50 sma (red) on the Dow 30, S&P 500, and Nasdaq 100, so far.
Weakness below this level can send these indices down to their next confluence support at their lower Bollinger Band and 200 sma (pink), or possibly down to or below their June lows. The (potentially imminent) formation of a bearish moving average "Death Cross" on, firstly, the Russell 2000, then the others would likely send these indices to new lows for the year.
Finally, any attempts by the bulls to push the 9 Major Sectors higher have failed miserably, so far, this week, as shown on the Daily charts below, as many of them are waging a battle around their 50 sma and mid-Bollinger Band...showing across-the-board weakness this week...worth keeping an eye on these, since a break and hold below their prior swing low could send these to new lows for the year.
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. May 24, 2023 @ 2:00 pm ET - FOMC Meeting Minutes
* Wed. May 31 @ 2:00 pm ET - Beige Book Report
* Fri. June 2 @ 8:30 am ET - Employment Data
* Wed. June 14 @ 2:00 pm ET - FOMC Rate Announcement + Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
* Wed. July 26 @ 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.