High volumes on the TF have taken it down from 930 to 900 and back up to almost 940 recently, as shown on the 60 min (market hours only) chart below. However, volumes have also been declining on the latest push above the last gap at 920.70 since the beginning of last week. Whether this is an exhaustion gap remains to be seen, but it could be a warning, along with dwindling volumes, that the TF is running out of steam.
If price does remain in its current channel and makes it to its 200% external Fibonacci level at 970, we may see either a pullback of some sort, or a sideways consolidation, pending its next move. Otherwise, a drop and hold below 930 and the channel could begin a decline to, at least 900, or lower.
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...
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Tues. Apr. 13 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. Apr. 14 @ 2:00 pm ET ~ Beige Book Report
* Thurs. Apr. 15 @ 8:30 am ET ~ Retail Sales Report & Core Retail Sales Report
* Wed. Apr. 28 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
* Fri. May 7 @ 8:30 am ET ~ Employment Data
* Wed. May 19 @ 2:00 pm ET ~ FOMC Meeting Minutes
*** Click here for link to Economic Calendars for all upcoming events