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Monday, August 01, 2011

Current OPEX Candle...YM, ES, NQ & TF

Here's how the current Options Expiration candle is shaping up on this chartgrid of YM, ES, NQ & TF (this candle began July 16 and will close on OPEX Friday, August 19):


So far, NQ is still the strongest and is basically basing at the highs of this consolidation and just below the 38.2% Fibonacci fan line (which begins at the January 2003 low)...currently this percentage level is at 2400ish and is serving as near-term resistance on this timeframe. It remains to be seen as to which side of the 2011 consolidation range will be solidly broken and possibly re-tested, before a trend is re-established on these 4 e-minis...currently a balancing act.