A strong start to the week, and we’re likely to see at least some more upside, as the double bottom on RUT/TF that I was looking at on Friday has broken up with a target at a retest of the all time highs. I’m expecting that target to be hit. NQ is testing the trendline resistance I gave last week, and may break up to a higher one. ES is close to the 2700 test and on a break above, I have a resistance trendline in the 2711 area. Intraday Video – Update on ES, NQ, and TF:
RUT daily chart:
The ATH retest on RUT/TF may well be a short-term high, and we are looking at a retracement starting soon running into the Jan 9th area. With the low volume holiday tape though I’d note that the only remaining day in 2017 with a strong bearish lean will be the last trading day of December.