Minority Report

Stan and I launched our subscription services at theartofchart.net about six weeks ago now, and the response has been so good that we were initially buried under our workload there. Things have calmed down a bit now, and we've axed a couple of offerings with a very small subscriber base and are extending our services where they are most popular. As part of this I've started posting bonus charts before the open every day, mainly using futures charts, and the ones I posted this morning are interesting enough that I'm going to use them on my post here today.

These are currently available to all subscribers but after I've shaken this new format down for a while it's most likely just going to be a bonus for premium triple play subscribers. We're planning a midday update service to start soon and that will most likely be aimed again at premium subscribers.

The ES chart here looks very toppy, with a rising wedge that has broken and retested support, and an open ES 60min RSI 14 sell signal, as well as open RSI 14 sell signals on the SPX 60min and 15min charts. ES 60min chart:

The sell signals are the same on NQ (and TF) here too, and the rising wedge there has made a bearish overthrow and then broken down. Again this looks like a topping process at a late stage of development and while it may make a marginal new high, the rally looks about cooked here. NQ 60min chart:

There is a minority report here on TF (RUT futures) though, which I'll be watching today with great interest. I mentioned on Monday that there was a confluence of various resistance levels there in the 1180 area, and TF rising wedge resistance is now at 1180, with a possible ascending triangle target in the same area. That's a pretty decent ascending triangle on TF and it could break up. At the current correlation with NQ and ES that could push both beyond the obvious target areas, so I'll be keeping a close eye on TF here. TF 60min chart:

Stan and I are both looking at 2046 SPX as a very attractive target and very strong resistance. My ideal scenario today would be a test and hard fail there. Stan has a V shaped profile for today on ES, which can be a V day in either direction, so a push up into the European markets close and hard fail afterwards is very possible today. We shall see how the session develops.