(Hint...you can right-click on each of the links below to open the chart in a new web window)
http://www.screencast.com/users/strawberryblonde/folders/Jing/media/f80b48b4-7e34-4fd6-b7e1-ba72fcd1f8bb
Looking at 60 min charts of YM, ES, NQ & TF, I see that the 21ema (white) has X'd above the 50sma (red) on YM, ES & NQ...TF is the laggard today. Both the 21 & 50 ma's remain underneath a declining 200sma (pink) on all 4 e-minis:
http://www.screencast.com/users/strawberryblonde/folders/Jing/media/dae35570-c0bf-45c7-a5ca-ae78142cec29
See-saw action is occuring on the Daily charts as evidenced by price action within the narrow downward sloping channel and by reverse swings on Advn/Decn Isses and Up/Down Volumes. Should the 50 ma's cross above the 200 ma's on all 4 e-minis with higher volume buying strength on the 60 min charts, then by that time, a new Daily swing high may have been made. It could be that price consolidates somewhere between/around these 2 ma's (either in a continued downward sloping channel or sideways) until they merge and a breakout occurs one way or the other. I will be watching the Cummulative TICK action, Advn/Decn Issues, Up/Down Volumes, the USD, and NKD as strength and directional guages, as well as a number of other markets and noteworthy news items.