I tend to look at any bear setups lately with a very skeptical eye, and the nice-looking nested double-top setups on ES and NQ that last week closed with didn’t long survive the start of trading this morning. I posted on my Twitter before the open that there was a high-quality support trendline on ES in the 2805 area that would need to be broken to open the possibility of further downside, and that was not broken. In my look at ES in today’s intraday video, I am looking at two possible matching resistance trendlines, currently in the 2833 and 2840 areas, but rising, of course. Intraday Video – Update on ES, NQ, and TF:
I often watch RUT/TF for guidance as to where equities are in a trend and that is still looking reassuringly boring, though that’s very much a relative word talking about an index currently close to a P/E of 140. RUT/TF is currently reaching the high retest that I was looking for after Tuesday’s sharp decline, and that could be the second high of a modest double top. TF Mar 60min chart:
22nd Jan 2018