More conservative traders looking for a shorting opportunity might want to consider Microsoft, shown below with its fearless leader, as it is in a well-defined symetric triangle formation. A conservative stop would be the midline, which I've drawn here at 25.91
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An interesting pattern has formed on GOOG's weekly. Since 2010 GOOG has failed to get above 631 testing it around 6 times-each time failing and each time declining back to the 200 ema. The resistance is more around 626-630 but 631 is the high and a break above that level would signify a break of the entire resistance giving a better chance of a sustain breakout. This has created a large ascending triangle pattern with the top of the triangle at $631 and the bottom trending from $431 up to $500. Because of its size a break out would be big over a $200 point move with a price target of $831 this would be an all-time high.
Shorter posts than usual for the rest of this week as I have a lot of offline stuff to do. Just four charts today but then the position today looks reasonably simple. ES is building up strength for a decent move one way or the other. Will that move be up or down? I'm leaning short but it might yet go the other way.
On the upside ES has not yet touched declining resistance from the July highs, though it can within three points of doing so yesterday. That looks a bit like unfinished business overhead and we might see a touch of that in the 1269 area today. A move over 1270 would suggest that we might be starting another move higher: