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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

N.B.
* 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.
* 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...

Dots

...If the dots don't connect, gather more dots until they do...or, just follow the $$$...

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IMPORTANT BLOG POST UPDATES...
* JCPOA - Will President Trump recertify the JCPOA on May 12?...stay tuned...May 8 the answer is "No"...US pariticipation in the deal
is scrapped...new sanctions coming for Iran and, possibly, for nations supporting Iran.

Tuesday, September 18, 2012

"Chips-N-Dip"

The 30 min chart below of the TF (Russell 2000 E-mini Futures Index) contains a Fibonacci retracement and a Fibonacci fanline drawing. You can see the levels at which buyers have been chipping away at the TF since it rallied last Thursday as price has subsequently dipped on three occasions...853.50, 851.50, and 850.00.

As of today's (Tuesday's) close, the price has bounced back up, once more, and sits just above near-term support at 853.50 (confluence of the 40% Fibonacci retracement level with the 60% Fibonacci fanline, together with the merging 50 and 200 MAs). A break and hold below this level, and particularly 850.00, may signal that a deeper dip is on the way to, potentially, the levels as noted in my post of September 14th for the corresponding Russell 2000 Index. Otherwise, I'd be looking for the rally to resume on a hold above this level. Longer-term upside price projections for the TF are described in my last post.