- Month Chart shows no weakness. Its been 14 Months since price broke below the Low of the Month.
- One note of caution is the Extreme overbought readings shown in Monthly RSI. Right now the reading is 82. But it has been like that for Many months now.
- The Last week of 2017 is hinting some weakness. Previous Week was a Pin Bar like candle which got follow up in the current week. Bears need to break below 2650 levels to target 2600 and below.
- ES One hour and 4 Hour bearish charts
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- Weakness in hour has also affected 4 hour support levels.
- 4 Hour cloud is broken.
- One has to wait and see if bears has the stuff to affect the daily and Weekly time frames in the coming week.
- Is the year end price action signalling whats about to happen in 2018 ?
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- ES 4 Hour and one hour chart shows crucial support zone between 2675 - 2680.
- Bulls will remain strong above these levels.
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- 4 Hour with cloud shows price seeking support on it. Staying above the cloud should result in an upper breakout to new high's again.
- Price continue to remain in side the Holiday range. Range should resolve for bigger moves to follow.
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- Daily chart shows the steady up move of Apple. Price pausing at the latest resistance zone around 176. Another up move is possible on crossing this zone. But the Weekly chart shows price close to the resistance line. Weakness near the resistance line may give quick gains for Apple bears.
- Weakness can be confirmed if price falls below the cloud on 4 hour chart. If this happens a Down swing is possible. Staying above 176 will continue to favour bulls.
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- One thing is for sure, Crude oil getting ready for explosive moves soon. Direction is likely to be tricky. First breakout outside the triangle is likely to be false one.
- For the short term more weakness if false below 57.50 Levels.
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- ES 4 Hour shows immediate resistance at 20 SMA. Price need to get back above this moving average for new high's again.
- One hour too is below the Ichimoku cloud. Closing above the cloud may result in another new high's for ES.
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