The Temporary Oxymoron

ES hit my preferred resistance trendline overnight and then again at the high this morning. There are now high quality rising wedges on ES, NQ, and TF and, strange as it seems to use these words in this sequence, this is the nicest short-term bear setup that I’ve seen in months. Looked at in detail in the video below. Intraday Video – Update on ES, NQ, and TF:

How far does this bear setup extend? Well rising wedge support on ES is now in the 2816 area and this setup may only be good for a test of that trendline so we’ll see. ES Mar 60min chart:

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.

23rd Jan 2018

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