The past few hours of the ES……….
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Retail Ready to Turn Down
I Don’t Like Mondays
There’s an interesting setup on the SPX 15min coming into this week, with the possible H&S patterns that I was proposing last Tuesday morning still forming on all of SPX, NDX and RUT, but with a possible alternate falling wedge forming on SPX. Either way the obvious next move would be a test of the H&S neckline / possible falling wedge support in the 2166/7 area. At that point we should either see a fill of the open breakaway gap into 2164.25, or a reversal back up to retest 2193 to make a likely second high of a double top.
All charts from the charts I did at the weekend for the Trader’s Chart Service at theartofchart.net. Further notes on the charts as usual.
SPX 15min chart:
Dixie Cup
Well, it’s just one day, but I’ll take it. Crude is down about 2.25% as I am typing this, and as I dedicated the entirety of my own weekend posts to energy shorts, it’s fitting. As for it being only the 2nd day in a string of 14, well, a thirsty man in a desert isn’t going to argue the fact that his cool water is in a Dixie cup. He drinks it gladly.
