- 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.
- I will be answering questions and responding to comments, so feel free to respond to any posts and I will see your comment even if it is not on the most recent post.
- If you're interested in seeing any intraday charts I post, I do that on twitter, and my twitter handle is @shjackcharts.
- The charts in the posts are as large as I can practically make them. if you would like to look at one more closely, click on it, and the link will take you to a larger version at screencast. If you click on that again, you will get a full page version, and can use the resizing function on your browser to enlarge parts of interest further.

Thursday, 4 July 2013

Thanksgiving and Twitter Feed

I'm just posting a couple of charts today because ES looks interesting and I wanted to mention that I have added my twitter comments to the blog so that visitors can see the intraday and after-close charts I post there.

ES broke back up over the 50 hour MA yesterday and then retested it as support. That put the short term ball back in the hands of the bulls and they ran with it, breaking over 1620 and killing off the ES H&S scenario that I was considering yesterday morning. ES is now rather overbought short term and I've been considering the merits of the 1630 area as a possible area to see a reversal of whatever size.  I like it as declining resistance from the high and possible triangle resistance will cross there in a few hours, and the 61.8% fib retracement of the decline from the May high is also just above in the 1631.75 area. We shall see, but if there's some negative RSI divergence when that level is tested that will look very attractive. ES 60min chart:
I posted an SPX 60min chart on twitter after the close yesterday showing the obvious next moves on SPX for Friday. Obviously the declining channel is still in play, though a gap above that tomorrow morning would look distinctly bullish and eliminate this as possible resistance. If it holds at the open the H&S on SPX is still a possibility, and a possible rising channel from the low was established at the last low that is something I'll be watching carefully if SPX breaks the declining channel. Only one of these options is likely to be in play at the end of Friday and a break in either direction should be respected in my view, particularly a break up, though there would be a last level of resistance to consider on that break up at declining resistance in the 1636 area. SPX 60min chart:
I'm using twitter mainly to post intraday and closing charts now as posting these in multiple places is time-consuming, so for those not using twitter I have now added a widget with my twitter comments at my blog so people can see these there and also start to follow me on twitter there if they wish to. I hope everyone is having a great holiday and my next post will be tomorrow morning. :-)

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