Commentary

Invalidated Head and Shoulders

Micro ES Daily

I mentioned that the breakdown below the 2800 neckline of this head and shoulders could target 2650 if things unfolded negatively. The negative implications were invalidated when the 2800 neckline was crossed from below, and this becomes quite a positive development.

Prices moving above the 18 day moving average is also bullish and the 54 day is a convenient target at 2867.

MES Weekly

The move above the 52 week moving average engulfing the debacle of the previous week speaks for itself. The action moving quickly through 2800 is impressive.

The 13 week moving average at 2860 looks to be easy pickings.

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