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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

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Tuesday, October 09, 2012

Channel Support - YM, ES, NQ & TF

Very simply, we may see the 4 Major E-mini Futures Indices (YM, ES, NQ & TF) continue their trek down to the bottom of the channel on the Daily charts below. None of the RSI readings are oversold yet, nor are they diverging to signal a bounce. I would, therefore, assume that the recent selling will continue.

As of today's (Tuesday's) close, downside price targets would be:
  • YM = 13175 - 13200
  • ES = 1400 - 1410
  • NQ = 2650
  • TF = 800
 
To confirm any further pullback, I'll be watching the two Daily ratio charts below comparing the S&P 500 and Russell 2000 Indices to their respective Volatility Indices.
 
The first is of the SPX:VIX. Price closed today below the bottom of channel support, but is resting on trendline support, which is a bit lower. A break and hold below will spell further weakness for the SPX as volatility rises. A lower Momentum reading is signalling more downside for the SPX, as there is no positive divergence yet.
 
 
The second chart shows the RUT:RVX. Price also closed today below the bottom of channel support, and is resting on horizontal price support. A break and hold below will spell further weakness for the RUT as volatility rises. A lower Momentum reading is signalling more downside for the RUT, as there is no positive divergence yet.