Daily Form September 23, 2010

Inter-market Technical Analysis using algorithmic pattern detection

THURSDAY SEPTEMBER 23, 2010       11:24:00 GMT

Today’s commentary will be abbreviated and essentially a follow up to some recent charts shown here.

QQQQ met resistance at the $49 level and judging by the way that the S&P 500 futures are behaving during European trading - currently at 1121.75 - there would seem to be scope for more corrective action today.

GBP/USD appears to be registering lower highs as it attempts to break above the $1.57 level and I would be inclined, during today’s session, to look scalping opportunities to short waiting for a pullback towards the top of the cloud on the 240 minute chart around $1.56

As the pattern evolves in line with a comment made here recently, XME still could surprise with an upward breakout.

Yesterday I indicated that the financial services sector was not showing relative strength and XLF is not acting well from a technical perspective.


The patterns identified below should be considered as indicative of eventual price direction in forthcoming trading sessions.
None of these setups should be seen as specifically opportune for the current trading session.
For a more comprehensive listing of price formations detected by our pattern recognition algorithms please visit TradeWithForm

PMCS  PMC-Sierra Inc.  

Here again is my comment from Tuesday's commentary

PMCS, a semiconductor stock, has one of the least constructive charts amongst individual equities.

MES  Market Vectors Gulf States ETF  

MES,an ETF providing exposure to the Gulf States region, has begun to rollover.