- 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, 22 July 2015

Retest Likely Soon

SPX is finally retracing from a rising wedge from the last lows. I'm not expecting a huge move here as this looks more like the first move down to establish short term double top support. SPX looks likely to gap under 50 hour MA support at 2115 and there is then strong support in the 2099 to 2103 area. Both the 38.2% fib retracement and very attractive looking possible rising channel support (blue dotted trendline) are currently in that area and we might well see that tested in the morning before a strong rally. SPX 60min chart:
My internet connection here is less than ideal but usable. I'll be trying to post an SPX chart before the open tomorrow and Friday.

No comments:

Post a comment