Low Volume Yawnfest?

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The tape has been impressively dull, particularly in the afternoons, but everything is still on track, just moving really slowly.

ES has established good support at the weekly pivot at 2260 and the next obvious move is a retest of the high. If that doesn’t happen in the first 90 minutes today though then locating a buyer and a seller to keep the tape moving might be a problem, judging from yesterday’s action at least. The ATH is only six handles away at the time of writing, but on the tape we saw yesterday I’d describe that as deceptively close. ES Mar 60min chart:

161228 AM ES Mar 60min

NQ is testing the 5000 level. Expecting a retest of yesterday’s high if ES manages an ATH retest, but the first test of a big level like this is often very strong resistance. NQ Mar 60min chart:

161228 AM NQ Mar 60min

Triangle resistance on TF wasn’t quite hit yesterday. Expecting to see that today and that’s currently at 1382. I wouldn’t expect a break up from the triangle in the absence of another reversal at that test but it’s possible the triangle is complete. Trendlines on triangles can be rough. TF Mar 60min chart:

161228 AM TF Mar 60min

There’s no particular reason not to expect a boring day today but I’m hoping we can at least manage a full test of the ATH on SPX/ES.