With no catalyst for the market until Thursday and Friday's economic reports, we may continue to consolidate along the 5-day MA with low volume today (Tuesday) and Wednesday. However, I'm slightly bias for a bullish move to the previous high this week for two reasons.
1) According to the 30 minute chart, we have a lot of nested inverse head and shoulder set-ups...
With no catalyst for the market until Thursday and Friday's economic reports, we may continue to consolidate along the 5-day MA with low volume today (Tuesday) and Wednesday. However, I'm slightly bias for a bullish move to the previous high this week for two reasons.
1) According to the 30 minute chart, we have a lot of nested inverse head and shoulder set-ups...
There's a possible nested inverse head & shoulders, meaning, that the bulls could be building sufficient liquidity to overcome the 52 week high. Look for strong rejection from higher support levels with confirmation on smaller time frames. If this becomes bullish, it will will be a great move up considering the nice Fibonacci retracement (pullback) at 0.382,...
There's a possible nested inverse head & shoulders, meaning, that the bulls could be building sufficient liquidity to overcome the 52 week high. Look for strong rejection from higher support levels with confirmation on smaller time frames. If this becomes bullish, it will will be a great move up considering the nice Fibonacci retracement (pullback) at 0.382,...
Looks like a possible head & shoulders & inverse cup. If this is an inverse cup, then we are in the handle build more liquidity for a short with the 20 day MA is right below. With new highs it may be time for a cooling off especially with quad witch approaching at the end of the week. But, no bias. We have a CPI report on Tuesday and if we are headed up then there...
There's great potential for a bullish move to 509.79. There's a nice inverse H&S set up on the 30 min chart, with liquidity to grab at 508 to push further to the upside, we just got a retest & bounce off the 5 daily SMA to the upside as well. If bullish, 509.79 would be a great key level to take all profit. I wouldn't leave runners simply because there's a lot of...
