Stock Market Chart Analysis

January 5, 2018

Gold week shows higher high's
Month has a Bullish Ascending triangle pattern.
Target for the current up move is around 1370 levels.
Price may take some more months to resolve from this pattern. Pattern mostly favours bulls.

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One of the readers sent me a query on the Rising wedge of IWM in the month time frame.
Although it has been 3 Months outside the pattern this can still become a False breakout. Bears doesn't want to see new high's though. False breakout on this time frame can only be confirmed on price breaking below 143 levels.

Crude oil one hour cloud continues to act as support. Trending move will continue till price stay above the cloud.
Hour with MACD is showing negative divergence.
An Hourly sell looks possible from resistance line around 61 levels for the Negative divergence.

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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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