The Temporary Oxymoron

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ES hit my preferred resistance trendline overnight and then again at the high this morning. There are now high quality rising wedges on ES, NQ and TF and, strange as it seems to use these words in this sequence, this is the nicest short term bear setup that I’ve seen in months. Looked at in detail on the video below. Intraday Video – Update on ES, NQ and TF:

How far does this bear setup extend? Well rising wedge support on ES is now in the 2816 area and this setup may only be good for a test of that trendline so we’ll see. ES Mar 60min chart:

180123 Lunch 1-EQI ES Mar 60min