Noli Illegitemi Carborundum

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I’m having a theme of latin post titles so far this week, though I’m sure that some of you will know that unlike the last two, the sentence I’m using as the title today is joke latin rather than the real variety, and I’m using it as a description of what we have been seeing on equities here as bears waste their window of opportunity to deliver a correction in price here rather than just a correction in time.

It has been a while since I last posted here the bonus charts that I do every day for Daily Video Service subscribers at theartofchart.net on various futures every night (with update notes before the RTH open the next day). Given that equities seem so determined to be boring here, this is a good opportunity to show how interesting everything else is looking. I’ve added the overnight updates as well.

ES consolidated sideways overnight. We are leaning towards a lower low before a break up. Leaning bearish today and likely bullish tomorrow. ES Sep 60min chart:

160830 ES Sep 60min

NQ consolidated sideways overnight. looks like a bear flag. If we see a sustained break below H&S support then the bears might manage to deliver a decent day today. NQ Sep 60min chart:

160830 NQ Sep 60min

TF also consolidated sideways overnight. Short term rising support in the 1243 area. TF Sep 60min chart:

160830 TF Sep 60min

DX still making marginally higher new highs and lows on increasing negative divergence. Major resistance on multiple timeframes in the 96.3 to 96.6 range. A break over 96.6 is likely a bullish break that would follow through. DX Sep 60min chart:

160830 DX Sep 60min

CL has almost retested the retracement low overnight. possibly close enough but may need a marginal lower low. CL Oct 60min chart:

160830 CL Oct 60min

GC has hit the 1307 target overnight and the retracement low may now be in. A possible 60min buy signal is now brewing. GC Dec 60min chart:

160830 GC Dec 60min

ZB broke down slightly from the triangle overnight and has now broken up. We should see a retest of the 170’23 high and maybe higher. We should not see a break over trendline resistance in the 171’15 area before the next leg down begins. ZB Dec 60min chart:

160830 ZB Dec 60min

NG may be finishing the retracement and a possible 60min buy signal is now brewing. The next leg up should deliver new highs and on that break up I would have a bigger picture IHS target in the 4.5 area. NG Oct 60min chart:

160830 NG Oct 60min

If the bears are going to impress then they really need to deliver a decent decline today. Tomorrow I’ll be looking at resistance trendlines above that I’ll be watching for the next leg up on equities that will be starting in the next week or so. On SPX and RUT particularly, those trendlines are not far above, so I’ll be looking at possible alternatives.

Stan and I are doing our monthly public Chart Chat on Sunday and all are welcome. Everything except equities is looking very interesting here so there is a lot to look at. You can register for that here.

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