- 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.

Friday, 13 November 2015

Friday the 13th

Well we got the breakaway gap down that I was looking for yesterday morning and all of those H&S patterns I posted yesterday have broken down. None of them have made target yet and I'm still looking at the 38.2% fib retrace at 2023 as first serious support and the obvious first target on SPX. The daily lower band is at 2025, broken resistance at 2022, and I have the H&S target in the 2018 area. This area could well be the low area for this retracement. SPX daily chart:
Both the daily RSI5_NYMO sell signal and the 60min RSI 14 sell signal have now made target, and if we are going to make a retracement low close to 2023 support I would expect a decent bounce first to set up positive divergence on the 60min RSI 14. SPX 60min chart:
I'm leaning towards seeing a bounce this morning but we may not see it. The first big support on SPX is around the 38.2% fib retrace target at 2023. I don't have a decline pattern from the H&S break yet as that would require a bounce of some kind. If 2023 is going to be the retracement low I'd be looking for that bounce today.

No comments:

Post a comment