SPX Weekend Update: Fade the Headfake
In Capital Markets on Fri 20 Jul 2012 at 16:46
S&P 500 (ES/) Futures charts:
ES 2011 v 2012- notice where a dark candlestick served a headfake in 2011, which is the same shyness experienced today around resistance from a trendline and 61.8% Fibonacci retracement (for both fractals).
ES daily/weekly/monthly- still trading within primary rising wedge (light blue) in accordance to 2011 analogue; I’ve added time zones that mark tops before corrections, which occur in increasing frequency since 2000 (we’re currently in the 6th such wave).
Week-end closing prices (4:00 est):