- 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, 24 March 2017

Roll On The Weekend

I've been suffering with a bad back all week, and this has been disrupting my sleep so I'm hoping to catch up on sleep at the weekend, which I'm very glad is starting in a few hours. In the meantime ES is just chopping around waiting for nuggets of news about the progress of the Healthcare bill, which at the time of writing seems unlikely to pass today.

Yesterday's high has held so far on SPX and yesterday's high was of course a very obvious level for the rally to fail, so that may well continue to hold. If so SPX should at minimum retest Wednesday's low and I'll be watching possible trendline support now in the 2330 area. On a break over yesterday's high there are multiple resistance levels in the 2365-70 zone.  SPX 60min chart:
The bear flags on both ES and SPX broke down yesterday and have not yet made the minimum targets for the break at the retest of Wednesday's low. That target will most likely be made in the next couple of days. ES Jun 60min chart:
NQ made a marginal higher high today into the 61.8% fib retrace target area and broken double top support. This high is in the 5390-5404 target zone that I gave on Wednesday as an ideal H&S right shoulder high area if an H&S was forming. The 60min buy signal has reached the full target and this is a candidate rally high area. NQ Jun 60min chart:
TF made a marginal higher high today as well, reaching the 50% fib retrace target and a possible 60min sell signal is now brewing. Again this is a candidate rally high area. TF Jun 60min chart:
My lean here is that unless we see a gap up through resistance over the weekend, the rally highs are likely in on all three indices and the next obvious target on all three is a retest of Wednesday's lows and likely lower.

Everyone have a great weekend :-)

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