Two sets of broadening wedges on the 30 min charts of the ES and TF, on increasing volumes, tell me that intraday volatility is increasing from mid-September.
It would appear that a break and hold above 1454 on ES and 847 on TF is required to, potentially, re-establish an uptrend and decrease the volatility. Otherwise, a resumption of the decline is likely with a break and hold below 1431 and 831, respectively.
A warning of further downside movement on the ES is this Daily volatility ratio chart of the SPX:VIX. Price closed below the lower uptrending channel on Monday; however, it is just above a longer-term uptrend line from early January, so a bit of caution on the short side is warranted. The Momentum indicator fell below zero to confirm weakness in the SPX.
Price still remains above the bottom of the lower uptrending channel on this Daily volatility ratio chart of the RUT:RVX; however, the Momentum indicator has fallen below zero, so it is one that bears a close watch.
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
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.
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. March 21 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference
* Fri. March 30 ~ U.S. markets closed for Good Friday Holiday
* Fri. April 6 @ 8:30 am ET ~ Employment Data
* Wed. April 11 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. April 11 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Wed. April 18 @ 2:00 pm ET ~ Beige Book Report
* Wed. May 2 @ 2:00 pm ET ~ FOMC Announcement
*** Click here for link to Economic Calendars for all upcoming events