- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......
- CHARTISTS MUST PUT ALL BIAS ASIDE AND LET THE CHARTS DO THE TALKING OR WE'LL SEE ONLY WHAT WE WANT TO SEE
- This blog has a copy of all header posts that I publish anywhere, so that those interested in seeing what my thoughts are on the markets can find them easily.
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Tuesday, 17 July 2018

Baby Steps

I was expecting a modest retracement in my last post and we have seen one. I was looking at the setup on the premarket video today and there is a probable short term low here testing support at the ES weekly pivot, open gap support on SPX and the 50 hour MA. We should see a short term higher high next and that will likely be setting up a larger retracement to follow. That's working out so far.

Partial Premarket Video from theartofchart.net - Update on ES, NQ:
On the bigger picture there are possible hourly RSI 14 and daily RSI 5 sell signals brewing and those I am expecting to deliver not too soon after a higher high for July is made on SPX. SPX 60min chart:
Wrap:

Friday, 13 July 2018

Just One Wafer Thin Retracement Monsieur

SPX has now broken above both the June and March highs, and should be on the way back to retest the all time high. Short term though we are looking for a modest retracement before the next leg up. The short term ES channel support that I was looking at in the premarket video has now broken, the overnight high is being retested and there is a lot of negative RSI divergence. This retracement should be starting soon and last into the first half of next week. Partial Premarket Video from theartofchart.net - Update on ES, NQ:
On the bigger picture SPX is within a larger rising channel and channel support is currently in the 2716 area. That shouldn't be a target here. SPX 60min chart:
Everyone have a great weekend :-)