Rally Ending?

The hourly buy signals on ES, NQ, SPX, and NDX all reached target today and the RSI 5 buy signal on RUT has reached target as well. Only the hourly RSI 14 buy signal on RUT hasn’t yet reached target and that is weakened by fixing at the same time as the RSI 5 buy signal that has reached target. ES and SPX both had pattern targets in the 2725 area that have been reached, NDX/NQ and RUT/TF have reached minimum targets but could go a little higher on their reversal patterns.

We are expecting this to just be a rally before new 2018 lows and the next reversal back down should start soon, though very possibly from higher and not necessarily from a high made today. Intraday Video from theartofchart.net – Update on ES, NQ, and TF:

There are possible sell signals brewing on the 15min charts here, but nothing on the 60min charts so far. SPX 15min chart:

Written by:

Richard Chappell

Jack is a 20 year retail trading veteran and co-founder of The Art Of Chart. He started his blog at channelsandpatterns.net in 2010 and since has published tens of thousands of charts looking at hundreds of trading instruments across most tradeable markets, doing original work mainly in the areas of trendlines, patterns and divergences. At The Art Of Chart Jack has taught trading skills, technical analysis, and the discipline and trader psychology that allow those to be used effectively in trading.

05th Mar 2018

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