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
Steve Miller, non-executive chairman at AIG, spoke with Bloomberg Television’s...
Can Fracking Save Airports that are desperate for cash? When...
H∆ Top10
AIG's Steve Miller on Benmosche's Departure and new CEO Peter Hancock
AIG's Benmosche on cancer prognosis; says he has 9 months to a year to live
Airports in Decline: Can fracking save airports that are desperate for cash? $UNG
Fed's Plosser: continued low rates may not heal labor markets; The longer we wait, the bigger we risk we'll have to raise interest rates faster when the time comes
Real-Time Charts
Sen. Crapo: Courts, Not Congress, to Decide GSE Investor Payout
Goldman's Gregg Lemkau on falling short in Q1 M&A ranking $FB
Trillium Capital Fined For Their HF Trading Practices
Open interest In 10 & 30 Year U.S. Treasury Note Futures At Record Levels #TLT #TBT #ZB_F
Fun with charts. $AAPL vs $SPY on a six month horizon

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