Will Trendline Number Three Please Stand Up

The bulls had a good day yesterday and delivered solid closes back above the SPX daily middle band, 5dma and 50 hour MA. Intraday today though SPX has been knocked down hard on some Deutsche Bank news so today it is the RTH close on SPX that is important. The three levels of resistance, turned support, turned possible resistance, that bulls would very much like to close over today are the daily middle band at 2157 and the 5dma and 50 hour MA at 2159/60. If we see a close below today then the high for this window may have been made yesterday. SPX 60min chart:

On ES that battle for the close in effect at the weekly pivot at 2152.5 area. The news pushed below both of the possible support trendlines I mentioned on the chart below but the current LOD was at the thick yellow trendline that I was expecting to see hit on Tuesday but was missed then to be tested today. That's a decent low area and the bull scenario is just fine if we don't see serious support breaks at the close today. We'll see. ES Dec 60min chart:

I posted my premarket video on twitter earlier, but if you'd like to see that the direct link is here.

Just a reminder that Stan and I are doing a free to all educational webinar tonight on trading entries, exits and strategy, and if you'd like to attend the link to register for that is here. Stan and I are also doing our monthly public Chart Chat on Sunday, and that will be about 70 minutes of top quality TA covering about 40 instruments across a wide range of markets. At an all inclusive price of zero dollars this could well be the best value TA education investment that you make this year, and if you'd like to attend you can sign up for that here.