Further to my last weekly market update, here is a summary of where money flow ended for Week 2 of June 2012.
The Weekly charts below of YM, ES, NQ & TF show that they all closed higher (and on higher volumes) than the prior week. I've added a downtrending channel to the charts this week…price closed at the top of this channel on the YM & ES, and just below on the NQ & TF. Price has moved above last month's Volume Profile POC (yellow horizontal line) on the YM & ES, and closed on or near to it on the NQ & TF. All of them are still trading below their middle Bollinger Band on this timeframe. The YM & TF are still trading below their 1-Year Volume Profile POC (red horizontal dotted line along the right edge of the charts), at its POC on the ES, and above on the NQ.
I'd like to see increasing volumes continue on any advance beyond their closing prices to confirm any potential sustainable breakout and hold above this latest downtrending channel, above the middle Bollinger Band, and, subsequently, above the 1-Year Volume Profile POC…otherwise, look for more volatile and deep intraday swings, and possibly a new low for 2012.