- 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, 2 April 2015

Still In The Balance

SPX broke back below the 5 DMA yesterday and that break triggers the second setup in the last two weeks that requires a lower low before a higher high. I've looked back as far as 2007 without finding an exception to this rule. If SPX is in a triangle here, and the possible triangle is still holding, then that may deliver an exception to this rule. SPX daily 5 DMA:
In terms of the pattern setup the triangle is still intact and SPX is also in a falling channel from the 2114 high. If bears can break triangle support at 2048/9 then falling channel support is currently in the 2025 area. If bulls can break channel resistance, currently in the 2075 area, then triangle resistance is in the 2112 area. SPX 60min chart:
There is a very nice looking reversal setup on TLT here for a reversal back down into what might well be a huge move down. I'm watching for a gap under 131.88 this morning to set the ball rolling. If not then I have two other inflection areas shown on the chart below. TLT is very likely to fail hard at one of these three. TLT 60min chart:
The historical stats for today are strongly bullish, as they were yesterday and as they will also be on Tuesday. I'm reading a lot that the selling season has started at the start of April but that really doesn't get going traditionally until the start of May, and I'd note that since 1950 April has been the strongest month of the year on the Dow.

Everyone have a great Easter Holiday! :-)

No comments:

Post a comment