- 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.

Monday, 16 November 2015

Decent Rally Coming

I don't have any positive divergence here on the 60min or daily RSIs, apart from a slight divergence on the 60min RSI 5, but I have a lot on the 15min and 5min charts. I'm not looking for the main retracement low here, but SPX is very oversold short term and I'd expect to see a decent bounce shortly. That bounce may already have started. SPX 60min chart:
The obvious targets for a strong bounce would be the 200dma at 2064 and the daily middle band just above at 2071. If the rally gets that far I'd be looking for failure there as this retracement does not look finished. SPX daily chart:
Opex is on Friday and in the wake of the Paris attacks we may have a headline minefield week, so it could get very choppy. Short term a bounce looks much more likely than continuation down.

No comments:

Post a comment