30/15 min charts pointing to test of high. Daily/4 hour/hourly point to topping action. Not sure what to do next. Maybe 15 mins after open will provide more clues. Edit: 900 is approx 50% of yesterday 899 is the VWAP. If trend sell continues, it should stay below these #s to open.
I've looked into this as well. It seems all the int'l etfs trade in step with the es during the us RTH. Unless I'm missing something, there doesn't seem to be an oppty there.. Logically it doesn't make sense that they trade this way, since the markets should have some disparity. ____________________________________________________ startraitor On the subject, I think indexed etf's have taken the role of the tail wagging the dog. Most of the mutual fund late trading scandals of the early 2000's took place in international funds. Buying international funds after a strong us market and selling them the next day with a wink and a nod from funds with policies against market timing. Foreign indexed etfs provide a vehicle to participate and position in oversea's markets off regular trading hours and vice-versa. The decoupling of the us leading began in earnest in early 07 and has smoothed ever since. On the flip, the leveraged etfs have added another twist to volitility all together, unintended consequenses, good for traders, bad for long term sentiment under these conditions.
Zone between POC at 903 and PP at 897 provides resistance; I think it breaks above these and valiantly tries to challenge 920 again, at which point it will fail - rejected for the 3rd time and then starts a new leg down to 815 and ?? If it breaks out above 920 then next target is 950, or even 970. But, I think this rally is now near the end, rising on fumes...about to end sometime today, or early tomorrow. Edit: of course, if it can't overcome 897 to 903 and R1 at 909 then that's it for this rally.