- 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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Tuesday, 27 October 2015

More Short Term Sell Signals

The rising wedge on SPX/ES that I posted on Monday morning still looks fine and the obvious next move is a retracement into wedge support, currently in the 2042 area and rising at about 20 handles per day. With open 15min and 60min sell signals, that wedge support could break. SPX 60min chart:
There are also open 15min and 60min sell signals on NDX but the larger degree rising wedge suggests that NDX has a little higher to go before a serious retracement. In the meantime the rising channel support is in the 4460 area, which is unlikely to be reached without the rising wedge on SPX breaking down. NDX 60min chart:
Today is the other cycle trend day this week so there are 70% odds that buyers or sellers will dominate the day. If we see a trend day today the more likely direction would be down.

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