My expectations for the tape today aren't high. Volume will be low and we may not see much of interest on any markets before next week. Indices might avoid the vague upward drift we see on days like this so often, but it's unlikely there will be much in the way of nice intraday setups, and if you've been waiting for a low interest day to catch up on other work you're a bit behind on, paperwork, or even just some quality hours watching paint dry, then this might be a good day to do that.
Still, here we are, and I did a premarket video today that I posted on
my twitter at the open. If you missed that then you can see that
here. If the tape doesn't do the holiday drift up or just stop moving altogether, I'm leaning modestly bearish as long TF stays under the weekly pivot at 1370.50.
ES has been fighting over the weekly pivot since yesterday morning. Bulls looking as though they have a slight edge at the time of writing. ES Mar 60min chart:
NQ has barely moved in days. Looking at the AMZN, FB & AAPL, comprising 22% of the NDX weighting, the first two are in bearish leaning triangles and AAPL is testing strong resistance so it may well not move much today either. NQ Mar 60min chart:
TF is the very bearish leaning chart today as TF broke below the weekly pivot yesterday morning and hasn't yet retested it. If TF doesn't break back above today then I'll have my eye on the possible flag channel support in the 1345 area that I mentioned yesterday. TF Mar 60min chart:
My schedule has been so busy this year that I've done hardly any of the weekend posts that I used to do regularly. I miss doing those and while I'm going to be using much of my free time from my lighter schedule into January for family and R&R, I'm also doing weekend posts this weekend and next to inform and entertain. The one I'm planning for tomorrow will be longer on the entertain side and I'm hoping will put a smile on a lot of faces tomorrow. I'll be posting that at the blog at
theartofchart.net, which you can find
here, and will post the link on
my twitter after it's published.
Everyone have a great holiday and, in the event that you are not sensibly taking next week off, my next post here will be on Tuesday morning. :-)
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