- 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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Friday, 17 July 2015

July Opex

Another day of grinding up yesterday and it's possible that we'll see the same today, though Dow has been down nine of the last fourteen July Opexes and SPX has been down six of the last seven Fridays (stats courtesy of the Stock Trader's Almanac and Cobra's Market View). If not today, then the historical stats for Monday are bullish and the stats for Tuesday and Wednesday next week are bearish.

The optic run charts are now more clearly bearish than they were yesterday. There are now well established resistance trendlines on SPX, INDU and TRAN, and I have sketched in possible channel support trendlines for the coming retrace, if we are seeing channels form rather than wedges or megaphones. Scan 3x 15min SPX INDU TRAN charts:
I have a decent looking rising wedge on NDX, nothing worth mentioning on RUT except a possible double top forming & not much reliable on NYA. All indices except TRAN have made their double bottom targets and made their buy signals targets. All indices except NDX have possible 60min and/or daily RSI 5 sell signals brewing. Scan 3x 15min NDX RUT NYA charts:
We should find out today whether we are going to see a retracement/reversal from yesterday's highs or are going to push up into a full retest of the all time high at 2134.72. On a move over the last significant high at 2129.87 I'll be looking for that full retest.

I'm on holiday next week but I'll be trying to post at least one chart every morning with comments. Stan will be posting his usual Monday, Wednesday and Friday video updates at theartofchart.net and I'd suggest looking at those too. If you follow the blog then you will receive posts there by email within minutes of them being posted. Stan's post there today is well worth a look and you can see that here. everyone have a great weekend :-)

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