Slope of Hope Blog Posts

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Point of Decision … Again (by Springheel Jack)

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This morning we’re looking at very much the same setup as we were yesterday morning, only we have moved to the other side of the looking glass. Yesterday morning we had an active ES 15min RSI sell signal and were sitting three points above the ES 50 hour MA at 1546, and this morning we have an active ES 15min RSI buy signal, and at the time of writing are sitting 2.5 points below the ES 50 hour MA at 1545. I posted an intraday ES 15min chart on twitter yesterday with a channel support target and you can see that ES reversed there with a slight pinocchio. On a break above the 50 HMA at 1545 the target is channel resistance near the current ES high, and that would now be a strong double-top candidate. If we see short term channel support break then main support is in the 1530 area, and on a break below there the double-top target would be in the 1500 area: