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Further to my last weekly market update, here is a summary of where money flow ended for Week 2 of March, 2012.
The Weekly charts below of YM, ES, NQ & TF show that the YM, ES & NQ all made a lower close than the prior week (with the NQ closing on slightly higher weekly volumes). The TF made a higher weekly close at a former resistance level. The NQ remains above its upper channel after this past week's retest. Price on the YM, ES & TF remain inside the uptrending Weekly channel…although the TF did pierce below the bottom of the channel briefly during the week.
At the moment, this uptrending channel is holding as support and direction for the Weekly timeframe. Secondary support levels lie at the middle Bollinger Band (12336 for YM, 1285 for ES, 2404 for NQ, and 765 for TF).
FAST FORWARD FROM THE 60's STAR TREK ERA TO FRIDAY'S GREEK CREDIT DEFAULT SWAP EVENT…and substitute "Kirk" with "Merkozy" and "Scotty" with "Draghi"…the words and message don't change…and, well, you get the picture.