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ADX line - compares to the same time last year: Looks to me, to maximize the profit, the strategy is - if the market goes down, short YM, if the market goes up, buy ER2.

ER2 has no sign of overbought, though it is trending up, but ADX line is not at the very top like YM. Right now it is at 1.27% fib extension from the last bottom. If it goes up, next stop appears at 697.6 (1.618% fib extension).

YM - 10760 to 10740 appears good entry area, 38.5% retracement is at 10700.

Trend indicator (ADX) shows YM is at extremely overbought condition, it is just the opposite of April 2005, where YM was oversold:

YM's CCI14 is about to reach the zero line rejection, 100 points drop from this level will do it.

Last year around this time, YM went down 200 points (from around 10650 to 10450) before making an upside move.

Looking this YM's one year chart, it made a similar move last year like last week, however, it started to move up on Dec 6th when it touched the 34 EMA. I see the 34 EMA for DOW is around 10720 and 20 EMA is at 10790, DOW is becoming bearish. The short-term MACDs are crossing through the...

long-term MACD liine again wraps the short-term MACDs.

CCI and Zero Line Rejection.

ER2 chart:

YM is the strongest index of all, very resilent to go down:

669.9 appears at the bottom of this uptrend channel. Break 669, this uptrend channel will be broken, possible starts a downtrend. Look CCI 50 as the guidance. If CCI50 (orange line) bounces 0 line like it did around Nov 15th's week, (of course provided that 34 EMA is still uptrend for a safety...

If you trade stocks, might keep an eye on CPN from 0.5 to 0.55, look at its bouncing line, almost approaching to that area: http://tinypic.com/i1jmgp.png

Resistence and support for today: 676 to 669.9 (I mentioned 669.6 as the first pullback target entry price last week in post 240). If it can break 676, then we're looking for 669 as the resistence again. Break 672 on huge volume would take it to 669.9 quickly.

Here are the levels of ER2 potential retracement areas (light green and dark green).

HAPPY THANKSGIVING TO ALL!

ER2 index TAs and chart (not ER2 future): Bulls are still under firm control (Aroon). Trending up (ADX), MAs are all gone up. CCI (20) has not reached 200 level, MACD has a long way to go cross over. http://tinyurl.com/avo6u

Aroon indicator: Bulls are taking some profit, but bears are not stepping up. Wait until the RED line (bears) hits the bottom and start to move up over 30%, green line (bulls) moves below 70% level, then a big pullback would be in making. MA dervatives are hitting the overbought level. 669.6 is...

Stochastic momentum and MACD momentum points more room to go up in the long-term after dips or consolidations, they're not topped:

RSI is over 95%, extremely overbought, ready to fall by looking at its past history, the volume is also down: http://tinypic.com/view/?pic=hrmnmh