SPX went to the 2050 target that I mentioned yesterday morning and found support there, rallying powerfully enough from there to break the declining resistance trendlines on SPX, ES and NQ, but not RUT. Is the retracement over? Maybe, but if so then SPX needs to confirm with a break back over support turned resistance at 2085. The other significant resistance levels to watch today are daily closing resistance at the 5dma (now at 1975), daily middle band (now at 2089), and hourly resistance at the 50 hour MA, also at 2089.
ES Sep 60min chart:
Stan and I did a free educational webinar yesterday on trendlines, partly because I see a lot of very poor quality trendline work around, so if you start a lot of your trendlines away from the high or low of the previous trends, or you use a lot of log charts with trendlines, then I'd suggest you watch it for what I'm saying in the webinar about proper trendline construction and scaling. You can see the recording of that here. If you want to see examples of trendlines that I have drawn in the past then there are must be somewhere between 20,000 and 100,000 on the charts in the post history at my blog at www.channelsandpatterns.com. Also a lot of patterns drawn correctly there as well of course.
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