Resistance Trendlines

The little retracement yesterday made the targets on the 60min sell signals on ES and NQ and denied SPX a record on the number of consecutive all-time highs at the start of a year. However, it is likely that in a week or so SPX will complete the longest ever period without a 5% retracement.

A decent three-touch resistance trendline was established on ES on Monday, and I was looking for yesterday’s retracement to establish a corresponding support trendline. That is now done and I have a working rising wedge on ES with wedge resistance now at 2775 if ES can clear Stan’s resistance in the 2775 area. NQ and TF both also looking interesting and I cover all three in the video.

Intraday Video – Update on ES, NQ, and TF:

Here is the rising wedge, and it’s a decent pattern. We’ll see how it does. Rising wedge support is now at 2749. ES Mar 60min chart:

Stan and I are doing a free educational webinar an hour after the close tonight at the looking at translating technical analysis into profitable trades. If you’d like to attend, you can register for that here.

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11th Jan 2018

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