Here's how things stand as at 10:30 am EST.
The YM, ES, NQ & TF are contending with an opening gap down. The NQ & TF are leading in the weakness as they are back in their old (lower) trading ranges.
The YM, ES, NQ & TF are all below their 2013 rising channel now. Their 4-hour uptrend has been broken.
The NDX & RUT are in the process of forming a very bearish "Tower Top" pattern on their Weekly timeframe. The NDX is doing so at an ominous-looking triple top. Once these are confirmed by a lower weekly closing low, I'd expect further weakness ahead.
With the exception of a slight improvement in U.S. Trade Balance and the Unemployment Rate, the rest of the jobs data, along with earnings data eroded (some of it quite substantially) from the prior month's release (including Canada's job and trade balance data). (The following data is provided courtesy of : Forexfactory.com and Nasdaq.com).
World markets are down today.
And, finally, European banks are, mostly, taking a hit.
All in all, this is not a good ending for the week. Central Banks can only do so much. Unless strengthening economic data begins to surface, with supporting investor confidence, the markets will only inflate artificially without full investor participation...otherwise, we'll see underlying weakness continue in the equity markets.
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 VENTS...
* Fri. Oct. 4 @ 8:30 am ET ~ Employment Data
* Wed. Oct. 9 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Thurs. Oct. 10 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. Oct. 16 @ 8:30 am ET ~ Core Retail Sales & Retail Sales
* Wed. Oct. 16 @ 2:00 pm ET ~ Beige Book Report
* Wed. Oct. 30 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
*** Click here for link to Economic Calendars for all upcoming events
NOTABLE POSTS WITH IMPORTANT UPDATES...
* A "Joe Biden" Stock Market...plus the latest allegations re: Trump/Foreign Leader/Ukraine: will they boomerang back on Democrats and Joe Biden?