Bulls are a stubborn lot.
What does this hourly chart of the ES futures tell us?
Well clearly, we’re playing for all the marbles here. This is a huge consolidation pattern on the hourly bars. It looks as though a breakout would trigger a huge move.
But watch out. If they get through 3388 there’s resistance at 3393. A reversal there that returns the price below 3388 could be a huge break for the bears.
But if they go through that? Ah! That’s the key. Then we’re looking at about 3406 by the end of today.
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Last week’s selloff did less damage than it may have felt like. The drop stopped in the area of 3 crossing uptrend lines, ranging in length from short term to long term. Here’s what would tell us whether the uptrend is still in force, or signal that something evil this way comes.
I have added 8 new stocks to the swing trade chart pick list, including 2 shorts.
These reports are not investment advice. They are for informational purposes, for a broad audience of investment and trading professionals, and other experienced investors and traders. Chart pick performance changes week to week and past performance may not indicate future results, as you know. Trading involves risk, and these reports assume that you understand those risks and manage them according to your tolerance.