Looking For A Short Term High

I’m posting my full premarket video from this morning, as this is a very interesting area on most of the instruments covered, with significant reversals in progress on many of them. Full Premarket Video from theartofchart.net – Update on ES, NQ, CL, NG, GC, SI, HG, ZB, KC, SB, CC, ZW, ZC, ZS, DX, EURUSD, USDJPY, USDCAD, AUDUSD:

In the short term we are looking for a short term high here and reversal into a low next week before another leg up. As I was saying on the video before the open, ideally that would set up with a modest retracement, as we have since seen so far today, then a retest of the current high to set up negative divergence on the hourly chart. Ideally that would happen today, and SPX would be retracing for the rest of the week. We’ll see how that goes. If that doesn’t happen I do have a possible alternate target in the 2925-30 area but that’s the lower probability option.

RUT often leads on minor and major reversals, and on the chart below an hourly RSI 14 sell signal has already fixed. RUT 60min chart:

Some announcements today. We are doing our monthly free public Chart Chat on Sunday 9th September running through the usual 35 to 40 instruments over a very wide range of markets and, if you’d like to attend, you can register for that on our September Free Webinars page.

We are also running another Trading Academy Boot Camp soon and that is starting Monday September 10th. The first two were very well received and you can see testimonials from that as you scroll down on our testimonials page. It is also cheaper (and at least in our view better) than anything comparable on the market, and likely to be the last one we run this year. At the moment there are still places available and, if you’re interested in attending, you can find out more and register for that on this page here.