An all equities edition today as I’m suffering from a hard to shift cold and have made a slow start this morning. The H&S I was looking at yesterday formed and then broke down. ES didn’t make the H&S target yesterday but after a bounce that failed overnight at the 50 hour MA it made the target in the last hour. ES has formed a rough falling channel that looks bullish as long as it doesn’t break downwards, and the next move due within the channel is up into the low 1760s. If and when ES can break above the falling channel and recover over the 50 hour MA I’ll be looking for new highs shortly thereafter. ES 60min chart: (more…)
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