- 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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Thursday, 29 October 2015

Grinding Higher

I had a very nice looking high probability daily RSI5_NYMO buy signal brewing a few days ago but it never fixed and was run over in the collapse upwards from 2000. I now have a new signal brewing and if that fixes, then we should see at least a decent retracement. SPX daily chart:
There has been a 60min sell signal in place on SPX for a while now, and that hasn't been invalidated yet. As and when the current rising wedge breaks down we should see a nice move. Rising wedge support was slightly missed at the low yesterday which suggests either that it will break when it is next tested (bearish) or that this wedge is about to break up into a rising channel (as marked). The bear option seems a lot more likely but this has been a very strong move. Not wise to rule the bull option out altogether. SPX 60min:
NDX is reaching for the larger degree rising wedge resistance that I've been watching this week and needs just a little higher to hit that. A strong retracement is well overdue and should start soon. NDX 60min:
There's not much happening on the short side here until we see a break below wedge support on SPX. In the meantime the obvious lean is a bit higher on NDX and RUT, and SPX will most likely follow suit. Lean is for an AM low to buy today.

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