Below are four 4-hourly line charts on these e-minis...overlayed on each are 2 regression channels currently in play. I've drawn a horizontal line on each one where both of the channel "means" intersect (broken yellow & broken pink lines). I would venture that these levels will play an important role in the days/weeks to come in setting a potential point from which an eventual trend will emerge that will take these either higher to new levels above the current sideways trading range or lower to new levels below the range. Perhaps we'll get a better clue once Mr. Bernanke has finished speaking tomorrow and after the end of this Options Expiry week. The longer that price remains above the +1 deviation of the shorter downtrending channel (dashed pink line), the better chance it has of reversing this to an uptrend, and it would then be in alignment with the longer uptrending channel...currently in after-hours trading, the YM is trading just below, the ES is trading well below, the NQ is trading just below, and the TF is trading just below.
