Jim has an excellent daily newsletter where he reviews different markets, alerts you for potential trades and much more. Included is his great bi-weekly newsletter with charts and a little longer term outlook. We recommend checking out his website, educational CDROM, and services at jimwyckoff.com Click on image below to enlarge
The December e-mini S&P stock index futures daily chart has seen a big and bearish pennant pattern develop, following recent volatile price action. A move below the solid support line at this week's low would be a downside "breakout" from the chart pattern, to suggest a fresh leg down in prices is coming. A push above the solid chart resistance line at last week's high would negate the pennant pattern and give the bulls fresh upside technical momentum.
* Please note that the information contained in this letter is intended for clients, prospective clients, and audiences who have a basic understanding, familiarity, and interest in the futures markets.
** The material contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results.
*** This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!