Slope of Hope Blog Posts

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Rally at Support (by Springheel Jack)

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ES broke up through my short term declining resistance trendline at 1300 yesterday and we're seeing the rally from support that I was talking about. Where to now is the question? The first level of resistance is now just above, and that is at declining channel resistance in the 1323 SPX area. Second resistance is at a retest of broken support at 1340. Third resistance is at a test of broken support at 1357. A break above 1357 might well mean that this pullback is over but I'm thinking that seems unlikely at the moment. Here's the setup on the SPX 60min chart: