A week ago I was looking at upside targets on ES and the extended target on ES was in the 3180 target, made by the close of the week. I had other upside targets too with an extended IHS target on NQ that made target at the same time, and bull flag high retests on DAX and ESTX50 that were also made. I have run out of upside targets across the main equity indices that I watch and the December high on SPX is either in or should be close.
In the short term there is an open 60min sell signal and an attractive trendline target currently in the 3150 ES area, ideally to be hit on Monday before a high retest, though there is an SPX trendline target below in the 3155 area that may hold instead, as SPX is the technical dog to the ES tail from a charting perspective.(more…)