- 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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Friday, 2 August 2019

A Decent Start

SPX delivered some wild moves this week, helped along by the White House Staff's ongoing failure to gain control of the President's twitter account, but at the end of the week SPX has reached the obvious first target at a test of the 2915 support area, and there is a short term inflection point here. This is the retest of the late June low, just above a big open gap from 2889.67, and is a possible H&S neckline area. If SPX was to rally from here the ideal right shoulder high would be in the 2964 area, and that would set up a possible H&S that on a sustained break down would look for the 2800 area, with obvious serious support on the way at rising wedge support, currently in the 2870 area.

Support for a rally here also comes in the form of today's break below the 3sd daily lower band, which generally delivers a decent bounce short term, subject to further unexpected tweets over the weekend of course.

SPX daily chart:
SPX 60min chart:
Everyone have a great weekend. :-)

Friday, 26 July 2019

Topping Out Here ........ Probably

In my premarket video this morning for daily video service at theartofchart.net I was saying that until demonstrated otherwise I was expecting to see all time retests on ES and NQ before a possible swing high (and potential significant top). That high retest is at 3027.75 on ES and the high today so far has just missed that by 2 handles so far. That full test is likely needed before the turn. There is a very nicely formed nested double top setup formed on ES and SPX and that just needs a decent turn down to set the next move in motion.

ES Sep 60min:
The equivalent target on NQ is 8051.75, again not yet reached.

NQ Sep 60min:
In terms of the overall structure from the December low SPX is just under rising wedge resistance and this would be an excellent fail area, though wedges can overthrow of course, and I do have a possible alternate wedge resistance trendline now in the 3045 area. There's no negative divergence on the hourly chart here but ......

SPX 60min chart:
.... there is plenty on the daily chart, with the RSI 5 sell signal already fixed and a possible weak RSI 14 sell signal now brewing. This is a solid looking setup just waiting for the actual turn, though it's hard to overstate the importance of seeing that actual turn of course. Sweet setups don't always deliver.

SPX daily chart:
Stan and I did two free public webinars yesterday on the Big Five and Sectors (AAPL, AMZN, FB, GOOG, NFLX, TSLA, IBB, IYR, XLE, XLF, XLK & XRT), and the second on favorite setups using futures and options. Both are posted on our July Free Webinars page if you'd like to see those.

Everyone have a great weekend :-)