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Further to my last weekly market update, here is a summary of where money flow ended for Week 3 of May 2012.
The Weekly charts below of YM, ES, NQ & TF show that they all closed much lower than the prior week on higher volumes. They have now broken out of their ranges from January. The YM, ES & NQ are sitting above their weekly 50 sma, while the TF has closed below…whether they find short-term support at these levels remains to be seen.
The correlation between Euro and SPX has been strong. And yet, something funny happened today. Around noon, Euro surged and SPX dropped. You can see the divergence in the following chart.
