- 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, 6 November 2014

SPX Triangle

I posted the chart below on twitter last night. It shows a triangle breaking up on SPX at the close with a target in the 2033 area. Triangles are slippery patterns and this one could yet reverse and break down, but my lean coming into today is bullish. SPX 1min chart:
If we see 2033 then there is an obvious target not far above at 2042 and that target is the weekly upper band. I also have some trendline resistance in the 2040 area that I mentioned yesterday. SPX weekly chart:
The US dollar is testing my first target trendline in the 87.6 area. That may hold but my preferred target is rising channel resistance in the 88.8 area. USD daily chart:
AAPL is testing double resistance at the highs here. Normally I would expect a strong fail here but this is AAPL so it might go the other way. AAPL daily chart:





































As long as yesterday's low at 2016.36 holds I'm leaning long today. I'm writing a new Brave New World series post with some scenarios based on the current wave up and that should be out today or tomorrow.

No comments:

Post a comment