Happy vs Mambo #5

I hope everyone is looking forward to the holiday weekend. I know I am, and I am planning to celebrate on Monday by moving a particularly large wardrobe from my daughter’s bedroom and replacing it with a rather nice antique desk. Life can get pretty wild at Jack’s house. 🙂

I was talking about rising wedge resistance on ES yesterday and that trendline has been reached and overthrown today. NQ has reached a decent quality rising wedge resistance trendline as well and TF may have topped out already. We may well see a reversal here, though whether it lasts more than the usual day or two is another matter. Personally, I’ll be regarding equity indices as possibly being in a two-way market again only after we see a 5% pullback, and I’m aware that could take a while longer.

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

Regardless of any retracement here, Stan and I would be expecting higher highs afterward. The SPX daily chart SPX daily chart:

I’ll leave you with a very funny mashup video that I found this week to start the holiday weekend:

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.

12th Jan 2018

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