- 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
- This blog has a copy of all header posts that I publish anywhere, so that those interested in seeing what my thoughts are on the markets can find them easily.
- I will be answering questions and responding to comments, so feel free to respond to any posts and I will see your comment even if it is not on the most recent post.
- If you're interested in seeing any intraday charts I post, I do that on twitter, and my twitter handle is @shjackcharts.
- The charts in the posts are as large as I can practically make them. if you would like to look at one more closely, click on it, and the link will take you to a larger version at screencast. If you click on that again, you will get a full page version, and can use the resizing function on your browser to enlarge parts of interest further.

Tuesday, 10 January 2017

The TF Falling Wedge Breaks Up

The very nicely formed falling wedge on TF has broken up. Triangle support and the monthly pivot were broken slightly overnight, and Stan & I were looking at that last night and felt that a marginal break, like the one seen overnight, wouldn't invalidate the bull scenario. If TF can get back over the weekly pivot at 1368.5 and convert that to support, the obvious next target is the all time high retest. TF Mar 60min chart:
ES has exactly tested my possible rising wedge wedge turned channel trendline and that's holding so far. That rising channel has now been established. Bulls need to convert the weekly pivot at 2262.50 to support, and hold that channel support trendline. If they can then a sustained break over 2266.50 would have a double bottom target in the 2273.50 area. If Es gets that far I'd expect a retest of the all time high. ES Mar 60min chart:
NQ is retesting yesterday's all time higher and on a move higher I have a weak IHS target in the 5035 area. A strong 60min sell signal has fixed though, which makes the NQ chart look much more bearish than the other two. NQ Mar 60min chart:
If the current LOD at 2259.50 on ES is respected then this is a great setup to retest the all time high. If that low breaks then further downside opens up.

I forgot to include a link yesterday to this week's Free Weekly call at theartofchart.net. This are posted every Sunday on the blog, are free, and have been delivering a strong sequence of very nice swing trades since we started doing them a few weeks ago. The link to this week's Weekly Call is here, but if you are using these then it's best to just find then on the blog on Sunday night or Monday morning.

I'm trying out Flickr as an alternative to Screencast for the expanded charts. Working very well so far I think. Feedback welcome.

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