- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......
- CHARTISTS MUST PUT ALL BIAS ASIDE AND LET THE CHARTS DO THE TALKING OR WE'LL SEE ONLY WHAT WE WANT TO SEE
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Wednesday, 7 December 2016

Hesitation Marks

NQ is still someway short of the double bottom target at 4815, but ES has now come (twice) within three ticks of the target full retest of the all time high, and should make that target shortly. ES Dec 60min chart:
So when might we see some resistance? Possibly at that ATH retest on ES/SPX of course, but if not I have a possible rising wedge forming on RUT that looks interesting. Wedge resistance currently in the 1370-5 area, but a moving target obviously. RUT 60min chart:
We're leaning bullish for much of the rest of the month, but that doesn't mean that we are expecting a big impulse up here. I'm thinking more along the lines of a two way market with an upward bias. We'll see how that goes.

Tuesday, 6 December 2016

Looking Up

No backtest of the weekly pivot at 2196.25 yesterday and that's still a possibility today. As long as that holds as support the next main target is a test of the all time high. ES Dec 60min chart:
 NQ should be on the way to the double bottom target at 4815. NQ Dec 60min chart:
TF is looking a bit toppy here and a 60min sell signal is now brewing. The obvious next target is a retest of the all time high but TF is suggesting a possible retracement day today. TF Dec 60min chart:
If we see a test of 2196.25 on ES today I'll be looking for a low in that area into a retest of the all time high. If we were to see a conviction break below that level today could get unexpectedly interesting, but I'd be surprised to see that.