In the event that's a weekly cup n handle a definitive break above the neckline projects a 100% target and a hella nice move.
They really did a great job protecting 3800 in late Dec/ jan. Bulls gonna need this back over 4120 asap or trouble brewing
Keep in mind there's a third alternative to trending up or down: range bound. And that's what the market's been for this entire month so far.
Friday's candlestick on daily chart. Have to go back a long way to find one of these in a market that is pulling back. I interpret it as likely bullish but Tuesday's action will be needed to verify.
It is a difficult call. Cash and futures are not synced... in both action and volume. Additionally, the charting time factor of RTH or 24hr, is a variable of analysis. Here is S&P CASH index with default TradingView settings... Of note, is Friday opening, high, and closing BELOW Thursday low. Volume on Friday was highest since the drop of February 9. Here is ES with TradingView default settings.
Interesting, but I still feel that cash rules futures and I just don't think the 24 hr chart gives the best picture overall. The continuous chart could be used during the overnight, but I would never use it during RTH.