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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

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...

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*** Click here for link to Economic Calendars for all upcoming events

IMPORTANT BLOG POST UPDATES...

Friday, October 17, 2014

Bulls Will Need to Prove This Bull Market

As shown on the Daily chart below of the S&P 500 E-mini Futures Index (ES), price dropped this week through one support level of Fibonacci confluence and down to the next one before bouncing to finish the week just back above the first confluence level.

Volumes have been exceptionally high since last Friday. Whether the spike in volume on Wednesday's final drop is capitulation volume remains to be seen.

We'll need to see price hold above the 1850-1870 level and continue to rally and hold above the 200 MA (pink) around the 1900 near-term resistance level on increasing volumes...otherwise, any further rally may simply be a dead-cat-bounce...particularly since we now have a lower low and the Daily uptrend has been broken.

Failure to hold 1850 may see panic selling enter this market...especially if the SPX:VIX ratio drops below the 60.00 level on increasing downward Momentum, as I mentioned in my post of October 15th.