I posted a couple of charts on twitter last night showing the very interesting setup here on ES and SPX. The setup on SPX is the falling wedge that I’ve been showing in recent days and the double bottom with a target at 2054. I mention on the chart that the target area would be a 61.8% retracement of the falling wedge and that might be the top of the rally there, if indeed this is just a rally. SPX 60min chart (posted last night on twitter):
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The E-mini S&P500 (ESH15) is rising at the moment of writing this post (overnight): it has already reached levels that could start to be good for a DAILY SHORT trade (short term). The next shortable level would be 2047.75, if you scroll down after the chart you will hear more about our logic. (more…)