ES Journal Archive (2011)

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One week decline or sideways move, before moving to likely new highs for the year. Summer rally in contracting volatility. Time for a long vacation.:eek:
 
Hi,

What do you guys make of last weeks rally ?

- Short covering, downtrend to continue

- UpTrend resumption

- Sideways market

I've been looking at the SPX chart ES.Dreamer posted and that big shoulder resistance looks monumental, yet so does last week's rally.

Not sure what to make of it, either way I'm not convinced, little confused and looking to study the readings of others to gather a few cleaner thoughts.
 
one scenario is we hit resistance and reverse to 1304,1280...1235,another is we break through,if so, we hit the spx 1358 area,have to wait and see what happens,any other scenarios welcome
 
Quote from ammo:

one scenario is we hit resistance and reverse to 1304,1280...1235,another is we break through,if so, we hit the spx 1358 area,have to wait and see what happens,any other scenarios welcome
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A triangle could also develop on the right side of the big head and shoulder on the daily.
 
Quote from tortoise:

Now HERE'S your right shoulder, Mr Chan
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No - it is different from the one that may happen down at 1280 to 1300 area.

And no I think there will be no right shoulder from here. =)

The reason is that Nasdaq does not support the idea right now. If Nasdaq starts to weaken internally this week then the H&S you showed will have a chance.

p.s. has been long mostly (if not only) the past week as posted real-time in my site.
 
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