I tend to look at any bear setups lately with a very sceptical eye, and the nice looking nested double top setups on ES and NQ that last week closed with didn’t long survive the start of trading this morning. I posted on my twitter before the open that there was a high quality support trendline on ES in the 2805 area that would need to be broken to open the possibility of further downside, and that was not broken. In my look at ES in today’s intraday video I am looking at two possible matching resistance trendlines, currently in the 2833 and 2840 areas, but rising of course. Intraday Video – Update on ES, NQ and TF:
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Happy vs Mambo #5
I hope everyone is looking forward to the holiday weekend. I know I am, and I am planning to celebrate on Monday by moving a particularly large wardrobe from my daughter’s bedroom, and replacing it with a rather nice antique desk. Life can get pretty wild at Jack’s house. 🙂
I was talking about rising wedge resistance on ES yesterday and that trendline has been reached and overthrown today. NQ has reached a decent quality rising wedge resistance trendline as well and TF may have topped out already. We may well see a reversal here, though whether it lasts more than the usual day or two is another matter. Personally I’ll be regarding equity indices as possibly being in a two way market again only after we see a 5% pullback, and I’m aware that could take a while longer. (more…)
Resistance Trendlines
The little retracement yesterday made the targets on the 60min sell signals on ES and NQ, and denied SPX a record on the number of consecutive all time highs at the start of a year. However it is likely that in a week or so SPX will complete the longest ever period without a 5% retracement.
A decent three touch resistance trendline was established on ES on Monday, and I was looking for yesterday’s retracement to establish a corresponding support trendline. That is now done and I have a working rising wedge on ES with wedge resistance now at 2675 if ES can clear Stan’s resistance in the 2675 area. NQ and TF both also looking interesting and I cover all three in the video. (more…)
A Polite Cough
I’ve been ill or recovering much of the new year so far, as has Stan, and much of the western world as far as I can tell, and I’ve managed to keep up with my main work at theartofchart.net but this is an unusually late first post for the year.
That’s not the polite cough that I’m referring to in the title though. SPX and ES have been on both daily RSI 14 and RSI 5 sell signals since the end of 2017 and a polite cough to the upside would at this stage be all that is required to kill the underlying RSI divergences and fail those signals. We may well see that happen today, though there is at least some reason to think that bears might be able to pull off a last minute decline to save them from that failure today.
I look at that in my premarket video this morning, though with the observation that it’s not a trade I’m taking. I’ve included the whole video today so if you’re interested you can see which other trades I do think are interesting, notably CL and KC today, and managing existing trades in ZB and NG. The part on equity indices is covered in the first five minutes. Premarket Video – Update on ES, NQ and TF: (more…)
Three Wise Patterns Bearing Gifts Of Volatility
I hope everyone had a great holiday, and so far this week the tape has been pretty tedious. However I bring glad tidings, as the pattern setup here says that is likely to be changing in the near future. I’ve included my full premarket video today just to show that even with interesting things likely to start happening on equity indices, there are still more interesting things happening on many other markets this week.
The equity indices section is at the start of the video, followed by quick looks at DX, CL, NG, HG, GC, ZB, KC, SB, CC, ZW, EURUSD, GBPUSD, JPYUSD, CADUSD, AUDUSD and NZDUSD. Enjoy! Intraday Video – Update on ES, NQ and TF:
