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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

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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Monday, August 22, 2011

Today's view of YM, ES, NQ & TF during market hours...

Below is a 4-hourly chartgrid of the YM, ES, NQ and TF. Overlayed on it are longer and shorter-term regression channels. I've referred to these channels on this timeframe in prior posts recently. I would note that the shorter-term channel has shifted from uptrend to downtrend today on the NQ and TF, while the ES has flattened out. Currently, price is hovering around the -1 deviation level on all 4 e-minis on the shorter-term channel. A break (and hold below) the -2 deviation level with conviction would be bearish and could set up a second leg down...particularly below the swing low set on August 8...I would also add that this "hammer" hasn't been retested yet...in my opinion, it needs to be retested because it was set outside of market hours and doesn't hold much weight.

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