It is becoming problematic that the Russell 2000 index appears to be failing at marginally lower highs in its efforts to reach the critical 680 level.

QQQQ met resistance at the $49 level yesterday and there would seem to be scope for more corrective action today.

The FOMC's preparedness for more asset purchases to be funded from the public balance sheet has made it a rough 24 hours for those long the US dollar and it could get a lot rougher.

QQQQ's ascent pattern since the beginning of September suggests that a lot of favorable news has already been discounted by traders. Could a bout of selling on positive news be in store for those who have enjoyed a nice ride up so far this month?

The chart for the Nasdaq 100 index indicates that the 1980 level is an area that could be a precursor to a temporary pause in the almost uninterrupted ascent seen during September.

Trading in forex this week has the additional element of risk that central banks are now adopting a pro-active stance towards intervention.

There is reason not to become too enthusiastic about further near-term erosion in the Japanese currency unless the BOJ has embarked on a consistent policy of weakening its own currency.

The rally in Monday’s Asian markets session raises the question as to whether the range-bound condition of most global equity markets will persist or whether there is a possibility that a new-found enthusiasm for risk assets might propel equities above the ranges which have been in effect since the early part of the summer.

The technical pattern for the S&P 500 underscores the fact that this index is behaving very much in a technical sideways pattern.

A re-visit to the 1090 level for the S&P 500 may be on today’s agenda when trading resumes in the US following the extended weekend.