Pretty self explanatory. This is the bear market channel I have shown before for the /ES. If it does bust it, 938 will be the line in the sand IMO. Is the painting of the statements over? The high this morning at /ES 926 touched the channel line on a 1m chart. 60m SPX bounced off of the 61.8% retrace from the 956 top. 60m indicators on SPX are overbought. The dailys still have some room to run up. Taking out the 927 high was a big deal, but I don’t think we take out 956. This move up (if it continues) should set the indicators on the weeklys for a pretty strong fall. I would not be surprised to see the manipulators drive the market thru this trendline on low volume holiday week. Either the 60m continue to embed and the dailys run their course up or we have a minor pullback here.
GL trading. http://shankystechblog.blogspot.com/
Weekly -
/ES Weekly
Daily -
/ES Daily
60m SPX
SPX 60m
UPDATE –
5m chart
Would be nice if we could click on the pictures and actually see them…
go to my blog – better viewed there.
If any team member would please send me a email to correct my charting issues please do so.
Thanks
I already did . . . weeks ago . . .
I just sent you the how-to image again.
Lost it in mass inbox purge. Sorry. Got it. Thanks.
Shanky, asuming no manipulation for next few days, where do you see S&P going?
Not above that trendline just yet. I’m on record for a pullback to 847 then up. Here is what I am thinking.
http://shankystechblog.blogspot.com/2009/06/shankys-state-of-charts-post_18.html