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.

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.

11th Jan 2018

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