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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...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

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Tuesday, July 10, 2012

The "50s" on the Major Indices and Major Sectors

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.