Twas The Week Before Xmas

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.

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.

18th Dec 2017

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