All three of ES (SPX futures), NQ (NDX futures) and TF (RUT futures) look likely to be forming right shoulders on H&S patterns. those could go a little higher but if these are H&S patterns they could break down at any time. ES 60min chart:
Jack Chappell aka Springheel Jack - A Classical Trendline Chartist's View of Equities, Bonds, Forex and Commodities
Wednesday, 11 November 2015
Right Shoulders I Think
All futures charts today from the subscriber only bonus charts at theartofchart.net as they tell the story for today well and I'm running late.
All three of ES (SPX futures), NQ (NDX futures) and TF (RUT futures) look likely to be forming right shoulders on H&S patterns. those could go a little higher but if these are H&S patterns they could break down at any time. ES 60min chart:
NQ 60min chart:
TF 60min chart:
Today is a cycle trend day and if these H&S patterns break down today this could ruin. The level on ES I don't want to see broken is the weekly pivot at 2089.5. That's in the 2094 area on SPX, which is a match with important resistance at the 50 hour MA. A sustained break over that level would strongly suggest a retest of the 2116 SPX high.
All three of ES (SPX futures), NQ (NDX futures) and TF (RUT futures) look likely to be forming right shoulders on H&S patterns. those could go a little higher but if these are H&S patterns they could break down at any time. ES 60min chart:
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