- 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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Tuesday, 23 February 2016

Fragile Looking Uptrend

ES has been on 60min sell signals for a while now, with three of them having fixed since the low, and none of those having yet made target. What's new today though is that on SPX there were 5min and 15min RSI 14 sell signals fixed yesterday, and a 60min RSI 14 sell signal brewing today. This uptrend could be ending here, and I'm watching rising wedge support, currently at 1935, as a break below would look very bearish now. SPX 15min chart:
Support is in the same sort of area on the ES chart, and I'd note the nicely formed possible double top setup that would fix on a sustained break below Friday's low at 1898. There are similar setups on NQ and TF. ES 60min chart:
Ideally I'd like to see SPX make the retest of the 50% fib retrace at 1963, but I'm concerned that this uptrend may be failing at the retest of the last rally high at 1947. If we do see a hard fail at this level, that might be bullish on the bigger picture, as this would be a fail at possible IHS neckline resistance.

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