Will this diamond break hold?...

In my post on May 8, 2011 ("A Diamond in the rough?"), I spoke of a possible diamond formation on the NQ Daily chart. The diamond was shown in pink on my chart, as well as arrows which delineated where possible support levels may lie. I'll give a brief update as to where the NQ is trading now relative to that formation. As can be seen on the Daily chart below, the price broke above the diamond and has held above the pink uptrending line that is an extension of that pattern, as well above as the apex which is around 2287ish. So far, the 50sma (red) has held as support as price has not yet closed below that level (currently at 2333). All support levels beneath today's closing price are still in effect, and today, the NQ closed above its last swing low set on May 5.                                

The next chart is a Daily chart of the YM. It is currently backtesting a rising trendline and is also holding above its rising 50sma. Additionally, it has closed above its prior swing low set on May 5.

The next chart is a Daily chart of the ES. It is currently backtesting a rising trendline and is also holding above its rising 50sma. Additionally, it has closed above its prior swing low set on May 5.

The next chart is a Daily chart of the TF. It is currently backtesting a rising trendline and is also holding above its rising 50sma. Additionally, it has also closed above its prior swing low set on May 5.

Below is a 60 min chart grid of YM, ES, NQ & TF. Price is trading at or below the uptrending regression channel "mean" on YM, ES & NQ. Price is trading above the downtrending regression channel "mean" on TF.

It remains to be seen as to whether all four e-minis will re-establish a Daily uptrend, or whether they will continue to chop within their respective channels. For now, the 50sma is holding as near-term support.