- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......
- CHARTISTS MUST PUT ALL BIAS ASIDE AND LET THE CHARTS DO THE TALKING OR WE'LL SEE ONLY WHAT WE WANT TO SEE
- This blog has a copy of all header posts that I publish anywhere, so that those interested in seeing what my thoughts are on the markets can find them easily.
- I will be answering questions and responding to comments, so feel free to respond to any posts and I will see your comment even if it is not on the most recent post.
- If you're interested in seeing any intraday charts I post, I do that on twitter, and my twitter handle is @shjackcharts.
- The charts in the posts are as large as I can practically make them. if you would like to look at one more closely, click on it, and the link will take you to a larger version at screencast. If you click on that again, you will get a full page version, and can use the resizing function on your browser to enlarge parts of interest further.

Wednesday 15 December 2010

Short Term Top Made?

Just a quick post today as I'm very busy with offline stuff. ES made a marginal new high yesterday with negative divergence on RSI, and it seems likely that a short term top is in. Due to the channel and pattern desert that we have seen in this latest wave up it isn't easy to put a retracement target on this but I'm leaning towards the 1215 ES (Mar) area for a number of reasons. The technical rising wedge target is in the 1212 area and to get there some strong support in the 1230 area must be broken:


On EURUSD we are seeing a correction and the first target is in the 1.324 area. If that breaks then I'm seeing channel support in the 1.307 area:

I posted a broadening descending wedge on TLT a few days ago and it has been making good progress towards my downside target, which still looks ambitious though. We'll see if it can reach 87 - 88:


I've been enjoying some of the text to video xtranormal videos posted in recent days. I've made a contribution myself explaining the thinking behind current US economic policies. You can see it here on YouTube or below:

Posted by Springheel Jack at 05:47
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