GE and S&P make NEW YEARLY HIGHS TOGETHER
Today GE and S&P make New Yearly Highs together.
These charts are part of my daily charting. It is easy to maintain
Daily, Weekly, Monthly charts. You only are required to spend a little
time on them each day or week or month. A quick glance each day may give
you some helpful insights on the market.
I have been watching GE for years. It often leads, confirms or
negates what is going on.
When I spotted the reverse Head&Shoulder on the ES a few days
back I went to my GE daily and noticed that GE was making new yearly
highs while the ES was retracing. I interpreted this as a good chance
for ES to hit Head and Shoulder target, which it did. More, once reached
I often look for a reversal. We did have a 62% retrace on the Es before
target was reached. This was in my mind a buying opportunity in light of
GE making new yearly highs. ES was doing a healthy retrace for more fuel
to go higher. Before target was hit my eyes are looking at the next
swing highs on ES and gaps, we still have one 1040.75 just 3 points