As the cliff approaches so does 1430 – $ES_F

 

Just a quick thought this Friday night….. When looking at the 4 hour ES_F you can see a rough inverse H&S with the head d0own under 1340 with the right shoulder currently being carved out..

A break over the 1420 level could trigger a move up into the 1433 (Green dot) support turned resistance area from the October 19, 2012 one year trend break from 1262 support.
Over the 1433 means the right shoulder breaks upward with a eventual conversion goal into 1468 with 1480 being a target.. this level coincides with the up-trendline (purple dotted) from 1262 extended upward into time. 
Of course the above scenario has positive thinking in mind when factoring in the *fiscal cliff outcome.
If we go diving… we could see the right should break clear into 1350 up-trending support (red line). 
4 hour ES
Daily ES

Related Hedge Accordingly Content
  In an interview with Bloomberg’s Tom Keene, economist and...
  Pimco’s Bill Gross spoke with Bloomberg Television’s Trish Regan...
H∆ Top10
Carl Icahn: I don't talk positions BUT... I might be buying $eBay
Gross to El-Erian: 'Come on, Mohamed, tell us why' you left...
Michael Lewis Author of 'Flash Boys': David Einhorn is like a 'Dumb Tourist'
Marc Faber: China's Unwind 'Will Be a Disaster' Among Other Things
Goldman's Gregg Lemkau on falling short in Q1 M&A ranking $FB
Krugman to Tom Keene: Nobody wants us to become Cuba
A look at the natural gas future chart | $NG_F $UNG |
A look at gold Futures following Friday's drop & today's 130 point drop
NASDAQ 100 30 min Chart - (NDX)
Real-Time Charts

Archives

wordpress stat
Hedge Accordingly by HedgeAccordingly is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Based on a work at http://www.hedgeacccording.ly