Some bouncy action at the open this morning but not so much on RUT. The next obvious target on RUT is at wedge support, and RUT looks likely to hit that today. What happens there we’ll have to see. RUT 60min chart:
On ES I was wondering about a retest of the high before the open and we’ve seen that. If ES breaks rising megaphone support that could be setting up a test of the weekly pivot at 2228/9, though I’m doubtful about this retracement going that deep. ES Mar 60min chart:
NQ has made a higher high with real confidence. On a sustained break above megaphone resistance, currently 4965, NQ could make a run at 5000. Until then megaphone support, currently 4860 area, looks like unfinished business. NQ Mar 60min chart:
The obvious target on TF is the weekly pivot test 1361.8. The flag-like structure of the decline so far is suggesting that support should hold. TF Mar 60min chart:
Trading volume is likely to fall off dramatically after tomorrow into Xmas. That usually favors bulls to an extent at least.
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