We did our monthly free public Chart Chat yesterday and, if you missed that, you can see the recording posted on our June Free Webinars page.
ES/SPX has been forming a likely large bull flag over most of the last month, and the flag pattern is the unusual and very poorly named broadening formation, right angled and descending. I’m trying to think of a catchier name.
Be that as it may I like these patterns and, on ES overnight, that pattern has been starting to break up. The full target would be in the 2800-5 area, though we thinking we might see a retracement/backtest from the 2765-75 area, if the island top gap from the March high into 2752.021 can now finally be filled. Our expectation is that this gap should be filled today.
Partial Premarket Video from theartofchart.net – Update on ES, NQ and TF:
SPX 60min chart: