- 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, 3 March 2015

Disrupted Week

I'm having a very disrupted week this week as my wife has a big deadline and I'm covering. Normal service will resume next week, but I will be absent from my desk a lot over the remainder of the week.

The nice bear setup yesterday morning fell apart quickly and, if there is no significant support break here, then SPX is still heading up with an obvious target at wedge resistance in the 2130 area. If bears can break below yesterday's low at 2103.75 and sustain trade below it then I would now have a target in the 2087 area, but I'll be waiting to see that happen before thinking that the bears might get a serious shot today. SPX 60min chart
CL has been kicking around in a smallish range for the last couple of days but what has happened in that time is that the falling wedge has broken up and retested, and a possible floor has been established at 49.45. If that floor breaks the CL long will look less attractive but until then a break over 51.30 would target a retest of the last larger range high in the 55 area. CL 60min chart:
As I write this SPX is close to a test of yesterday's low at 2103.75. If the bears can break that low and hold below it then the double top target would be in the 2087 area. If that support holds then I'd be looking for a retest of the current all-time high at 2119.59, very possibly today.

No comments:

Post a comment