ES Morning Update March 23rd 2017


I've added in a new rising trendline and the starting point on it is the low back in December of 2016 then connecting to the February 2017 low and extending into yesterdays low.  Sometimes you miss trendlines and have to go back and try to figure out why the market stopped where it did... only to see a trendline you missed.  I'm also showing you the 6 hour chart today instead of the 60 minute chart.  On this chart we can the futures seem to be in a rising channel but also struggling to get through the falling black trendline that acts as resistance and makes the top line of a triangle with the bottom line of that triangle being the new much longer black rising trendline.  The triangle is much bigger if you get past that black falling trendline and look for the blue falling trendline, as that also makes another triangle.

Ok, triangles and channels... which is going to work?  Well, after watching this market manipulate the sheep over and over into the wrong position I'm guessing that the rising triangle will fail today and the falling black trendline will keep the futures from rallying through it.  And I'm thinking the new longer black rising trendline will hold as well.  Therefore, SkyNet will do it's favorite pattern today... the triangle.  I'm looking for a rangebound day where the market goes up and down small inside the APEX of this triangle.  The 60 minute chart has MACD's that came up from -8 or so to +2 yesterday and are now back down to a hair over zero.  What should happen is that it dips into the negative again and recycles back up late in the day maybe going to -2.5 or so before turning.  At the same time the futures should stay inside the triangle.

LOL... before I got finished typing this update the rising channel broke!