Further to my post of January 27, my post of March 30th, and my post of June 20th, I'll offer the following Quarterly timeframe charts of the Dow 30, S&P 500, Nasdaq 100, and Russell 2000 Indices to wrap up Q2 of 2012.

I mentioned on March 30th I that it would be difficult to imagine that Q2 would duplicate the bullish advance of Q2 without a pullback, since these indices had closed at major resistance levels. The Q2 candle retraced either all or much of Q2's candle on all four major indices and closed in the upper one-third portion of its candle.

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Further to my last weekly market update, here is a summary of where money flow ended for Week 3 of June 2012.

The Weekly charts below of YM, ES, NQ & TF show that the YM & ES closed lower on the prior week (forming a bearish engulfing candle on both), the NQ closed slightly higher than the prior week, and the TF closed marginally higher than the prior week…all four on lower volumes than the prior week. After a brief pop outside the downtrending channel, they all closed back inside. They're all trading just above the current month's Volume Profile POC (yellow horizontal line), and below their middle Bollinger Band. The YM, ES & TF are trading below their 1-Year Volume Profile POC (red horizontal dotted line along the right edge of the charts), and above on the NQ.

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After Wednesday's FOMC interest rate announcement, press release, projections, and Q&A period with Mr. Bernanke, I decided to look at four different timeframes of the Dow 30, S&P 500, Nasdaq 100, and Russell 2000 Indices to see where they're trading at relative to each timeframe and in terms of relative strength/weakness to each other.

Each candle on the first chartgrid below represents a period of one year and the period begins in 1992. I've drawn a Fibonacci retracement on each one which begins in 2007 for the Dow and S&P, and 2002 for the Nasdaq and Russell (I didn't want to include the high of 2000 on the Nasdaq as that would distort the results of this exercise, so I chose the high and low of each of the four indices from 2002 to the present). You will notice on the Fibonacci drawing that I've shown some of the levels in bold and others in a thinner line thickness…the bold lines are the high and low, the 50% level, and non-traditional 33.3% and 66.6% levels…the thinner lines are the 38.2% and 61.8% levels. You'll see the purpose of the 33.3 and 66.6% levels in a minute.

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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.

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