- 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
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Wednesday, 15 April 2015

Uptrend Support Tested and Held

SPX found support just at the 50 hour MA yesterday and bounced from there into the close, though not with great conviction. I posted the chart below on twitter last night noting the rising channel that had been established, and that as long as that channel held this morning then the next obvious target is now a retest of the all time high at 2119.59.  SPX 15min chart:
There was another key uptrend support level yesterday at the 5DMA. That held on SPX as well, opening and closing above the MA with a pinocchio down to test the 50 hour MA intraday. SPX 5DMA chart:
The very nice double top setup here on TLT here is starting to look doubtful. I'm wondering about a triangle here, and if that triangle was to break up I'd be thinking that a retest of the February high at 137.66 might well then be on the cards. I'm watching this carefully. TLT 15min chart:
SPX is going to gap up at the open and as long as my rising channel on the top chart holds I'll be looking for a test of triangle resistance at 2111/2, and then a retest of the all time high at 2119. That would be a possible high area, though I'm still thinking a break up over it is more likely.

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