- 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.

Wednesday, 18 February 2015

Ten Handles a Day Uptrend

I don't have the pattern for the current move up yet. I have three rising wedge resistance trendline options, and a rising channel option but the pattern will only be crystallised on the next test of the main rising support trendline from the 1980.90 low. That may be tested at the open today, and if so SPX is in a rising wedge that has already overthrown and the uptrend is topping out at the moment.

If that trendline holds then it is rising at ten handles every trading day and this move up will need to accelerate from what we have been seeing so far this week to keep up. SPX 5min chart:
On the daily chart we saw what was arguably the third day of an upper band ride yesterday, though the upper band was never touched and closed at 2005. That's likely to close over 2010 today and if we are still in an upper band ride I'd be looking for at least a test of that level today. SPX daily chart:
This uptrend has been moving up solidly but has been slowing down since the 2041 test. If bulls want to hit the 2135-50 targets on this move then this move needs to accelerate today. If not then rising support closed at 2092.50 yesterday and a break below should put SPX in a short term topping process with main uptrend support at the 50 hour MA at 2073 and the daily middle band at 2048.

No comments:

Post a comment