Strawberry Blonde's Market Summary: YM, ES, NQ & TF "Makin' Hay"

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Monday, October 03, 2011

YM, ES, NQ & TF "Makin' Hay"

Below is a 1-hour (market hours only) chartgrid of the YM, ES, NQ & TF. On each chart is the drawing, "Andrews' Pitchfork." As can be seen, price closed below the lower fork on the ES & TF today, and they closed below the August lows on this timeframe.

Since I don't see any major volume spikes yet, indicative of capitulation, I will assume that the overall downward momentum will continue on all 4 e-minis until proven otherwise (e.g. a reversal of the 50/200 SMAs "Death Cross" on higher sustained upside volumes).

See my previous detailed post on September 28th pertaining to this chartgrid: http://strawberryblondesmarketsummary.blogspot.com/2011/09/island-paradise-is-gone.html