- 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.

Tuesday, 24 December 2013

Joseph and the Innkeeper

SPX followed the daily upper bollinger band upwards yesterday, and using my usual practice of counting any close within two points as a close on the band, closed on the band. The band isn't rising at full speed yet as the 20 DMA is still turning up, but I'm expecting the upper band to close today in the 1830-2 range, and most likely the SPX close today will be within two points of that. SPX daily chart:
On the SPX 60min chart there is now clear negative divergence on the 60min RSI 14, and I am expecting to see some retracement soon, very possibly starting on Thursday or Friday as there is often some retracement between Xmas and New Year. The obvious target for that retracement would be the daily middle bollinger band, currently in the 1798 area but rising of course. SPX 60min chart:
I've been watching the TNX chart carefully after the rising wedge there briefly broke down on the Fed announcement last week. The rising wedge has been holding since the recovery just afterwards but there is obviously a possible scenario for a serious meltdown on bond yields here that needs to be borne in mind. TNX 60min chart:
Oil is still testing the neckline on the IHS in what looks like a bull flag forming. I'm expecting this to break up, though I have some resistance in the 101 area that might prevent it making the pattern target in the 106 area. CL daily chart:
I'll be missing most of today watching the Crib Service at Chester Cathedral. My sons are playing Joseph and the Innkeeper and had to be separated at the dress rehearsal when they started fighting. I suggested that this was adding an interesting new twist to the Christmas story, but my wife disagreed and has been threatening to cancel all Xmas presents if there is a repeat performance of that today. We shall see. Everyone have a great holiday and my next post will most likely be on Friday morning as Boxing Day is a holiday here.

No comments:

Post a comment