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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

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Sunday, May 08, 2011

A diamond in the rough?...

While putting several trendlines on my NQ Daily chart this morning, I noticed that a diamond pattern may have formed and been broken to the upside. I've drawn the outline in pink on the chart below. I've drawn arrows where I think that Resistance (top arrow) and Support price levels may lie. Interestingly, these levels also co-incide with Fibonacci fan lines, also shown. One of the Support levels happens to lie at the current price level of the 50sma (red). This is one chart that I'll be watching during the coming week(s) to see which way it plays out, because from the first chart in my post below, the NQ has been looking rather tired lately on its Weekly long-long journey, in comparison with the other 3 e-minis. It may provide clues as to whether this latest pullback continues at some point and for  how long, or where and when the 4 e-minis find support before resuming their upward trek.

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