The Dow and S&P have triggered long their daily inverse head and shoulder patterns with upside targets in the 1160 – 1172 area for the ES and the 10,900 – 11,125 area for the YM. We still need to see the January highs in the ES and YM get taken out to have a chance to reach those targets. Market volume has been light to moderate which is perfect for the markets to grind higher as they have been the last couple of weeks. Normally, we would want to see heavy volume associated with a topping pattern but we don’t have that at this point.
The daily market structure lows are in place with long triggers for Monday at 10,595 and 1,152.25 while the bearish breaks for tomorrow are 10,443 and 1,133.75, Current events can turn markets quickly so always be prepared.
To Your Trading Success,
JM
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