Santa With Some Reservations

Looking at the shorter term charts, there are some signs that we might see a retracement, though, with Fed tomorrow, any retracement may need to wait until then. There is a possible case for NQ to backtest the weekly pivot at 6344. Intraday Video – Update on ES, NQ, and TF:

On the SPX daily chart, I’ve been showing the possible bigger picture resistance trendline being tested, and that’s still being tested, on quite a bit of negative RSI divergence. Significantly higher targets on RSI require at least a temporary break of that trendline. SPX daily chart:

The Fed tomorrow are an obvious potential market mover obviously, and quadruple witching expiry this week argues against any serious move until next week. Seasonality argues against any serious retracement in the next two weeks until Xmas is out of the way.

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 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.

12th Dec 2017

Leave a Comment

Your email address will not be published. Required fields are marked *