The ES has rocketed higher, lately, and we’re getting very close to the underbelly of that broken trendline. If the market cooperates, this would be a good place to slow down and reverse.
Looking at things a bit differently, here is the NQ on an intraday basis for the past few months. Having broken down beneath its symmetric triangle, it has come full circle and is exactly at the apex. If nothing else, it’s geometrically interesting.
Using SlopeCharts, I plotted out the 50- and 100-day moving averages (exponential). As you can see, the faster-moving red average has persistently stayed above the 100 MA for a very long while — its most recent breach was back in December 2015 (tinted in green). This isn’t anywhere close to a crossover yet.
