A Promising Start

ES never managed to break below weekly pivot support last week, but the new weekly pivot moved over price and ES is now testing the monthly pivot at 2698, which is holding so far. SPX and NDX have broken their rally rising wedges and retraced 38.2% of them, and if we are to see a backtest here, which looks likely as I write, then the obvious target would be the daily middle band, now in the 2735 area.

I’ve included the full intraday video today as I’m running late and I like to post one of these once a week or so. Intraday Video from theartofchart.net – Update on ES, NQ, and TF, DX, CL, NG, HG, GC, ZB, KC, SB, CC, ZW, EURUSD, GBPUSD, USDJPY, USDCAD, AUDUSD, and NZDUSD:

On the bigger picture, we are ideally looking for a move to the 2450 area, and SPX ideally makes that in four weeks or so. As and when we make a tradeable low on this move, we will be looking for at least ATH retests, so anyone looking for the bearpocalypse to start here is likely to be disappointed… again. SPX 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 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.

19th Mar 2018

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