Scanning for chart patterns in real time
Autochartist makes it easier to trade successfully with its tools that automatically identifies chart and Fibonacci patterns.After a better-than-expected Non-Farm Payroll number sent stocks soaring, the intraday time frame of Wall Street Cash rallied higher through resistance at 10371. The uptrend pulled back slightly after the 3:00 PM EST bond close, but rallied again into the New York closing bell; this price action left a double top on the short-term intraday time frames. The projected Forecast resistance between 10441 and 10458 (F) shows where selling pressure kept the buyers from moving the market higher.
The uptrend has lost much of its bullish momentum, and the current view of the 30-minute time frame shows a Rising Wedge forming within a market that has a low, one-bar Initial Trend reading. This indicates that the trend has transitioned into a sideways market, and that the 10500 (Y) level at the Wedge’s upper line will be resistance. Prices could begin a correction lower should prices sink below 10412.
