Charts I’m Watching: Oct 29, 2013

Yesterday’s caveat has become today’s reality:

The only caveat is that ES only reached 1762.25 — above the white 1.618, but a few points shy of the yellow 1.618 (1767.63.)  So, there’s a possibility that it will slide a little higher overnight.

If SPX were so inclined, it could tag along either intra-day or on tomorrow’s opening to 1770.97.  But, I wouldn’t consider a long position to capture those last 6 points unless I had the means to hedge overnight.

ES did, indeed, slide a little higher overnight, putting in another burst at the opening bell.  SPX has little choice but to tag along on the opening, reaching 1768.68 so far and with 1770.97 square in its sights.

UPDATE:  1:05 PM

SPX is almost to 1770.97, and ES is nearing 1767.63.  This should be about the extent of today’s rally.

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