- 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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Friday, 18 June 2010

Trading in a range - leaning bullish

ES is trading in a tight range. 1102 ES has turned into solid support since being broken earlier this week and on the upside we have strong resistance at 1115 ES, a level that took a long time to break through at the end of 2009. A break in either direction will probably define the next couple of weeks.

If we do break down through 1102 ES, I'm seeing some weak rising trendline support at 1096 ES, but if we break down through that, then the downside looks wide open again:


Some of the USD currency pairs are looking fairly bullish today. AUDUSD has broken up from a recent ascending triangle with a target of 88:


GBPUSD has broken the neckline of an H&S indicating to the top of the current broadening ascending wedge in the 1.50 area. The RSI looks rather overbought though and we may see a retracement first:


One interesting chart showing potential weakness, though not at all correlated with equities, is the chart for gas, with a rising wedge that is running out of road now:


Overall the picture looks bullish on balance, but the key in my view is the range on ES. We'll break out of it one way or the other soon, and when we do, I'm expecting a big move. 

I've really been enjoying writing these daily market analyses every day for the last three months, but I've been spending too much time on it, and less time on reading and trading as a result. I need to rebalance my time better, and I also have a very busy offline summer looming, so I'm going to keep posting an interesting chart most days, but I'm only going to do a serious write-up once or twice a week.

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