While Commodities are co-operating today, there is still too much "bounce" left in the Nasdaq 100 and the EURO for a meaningful decline to continue with conviction at the moment. The NQ is showing relative strength as it tries to regain the upper one-third of its trading range from this year's high to low as shown on the 4-Hour chartgrid below.
A downward sloping Head & Shoulders breakdown has occurred on the YM, ES, NQ & TF...however price is bouncing around in between the 50 & 200 smas on the 60 min charts below which may define a trading range until Wednesday's Fed meeting.
