I hope everyone is looking forward to the holiday weekend. I know I am, and I am planning to celebrate on Monday by moving a particularly large wardrobe from my daughter’s bedroom, and replacing it with a rather nice antique desk. Life can get pretty wild at Jack’s house.
I was talking about rising wedge resistance on ES yesterday and that trendline has been reached and overthrown today. NQ has reached a decent quality rising wedge resistance trendline as well and TF may have topped out already. We may well see a reversal here, though whether it lasts more than the usual day or two is another matter. Personally I’ll be regarding equity indices as possibly being in a two way market again only after we see a 5% pullback, and I’m aware that could take a while longer.
Intraday Video – Update on ES, NQ and TF:
Regardless of any retracement here, Stan and I would be expecting higher highs afterwards. I’ll also leave you with a very funny mashup video that I found this week to start the holiday weekend: SPX daily chart: