The Thin End Of The Wedge

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On the video today the first bit where I was looking at the action so far as a likely bull flag that should deliver a retest of the HOD is now obviously out of date, as the flag then broke up and made target, and we have a new HOD. That was unfortunately only of use to subscribers watching the video being recorded live, or on the subscriber twitter feed where I posted the full version soon afterwards. The shorter version takes a bit longer to produce.

For the rest of the video I am considering the case for a possible high being made here in the 2737.25 to 2741 area on ES and we are in that inflection point now. If we see a hard fail here we are looking for new 2018 lows at minimum. If we see a break up instead then we should see ES reach the 2780s next. Intraday Video from theartofchart.net – Update on ES, NQ and TF:

Stan and I are doing our monthly free public Chart Chat on Sunday covering the usual 40 or so instruments over most major markets. If you’d like to attend you can register for that on our March Free Webinars page.

I drew in a possible overall rising wedge for the rally on TF this morning and it was encouraging for a fail in this area to see the high today at that resistance trendline. We’ll see. TF Mar 60min chart:

180308 Lunch 1-EQI TF Mar 60min