Saturday, February 24, 2007

Feb 26 week outlook.


Well one of my fib setups is buying a 38% retrace and that is exactly the level that ER2 has been holding this last week, however there is something interesting happening in YM. YM has retraced down to its 61.8% fib level, which is in my opinion bearish if YM cannout bounce through 38% retrace level. ER2 and NQ have been laggers to the downside this past week with YM and ES leading, so I will keep a close eye on weakness in these 2 indices as well as SMH and XLF as a bearish indication for ER2 to take out its volume gap and to hit 819 and possibly its VPOC at 816 made on February 20th. I will be looking for the possible setups to present themselves in the charts as described:




Checkout the Volume profile chart from chart-ex.com. There is clearly a volume gap on ER2 and NQ to the downside.


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