- 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, 30 November 2015

Retracement, Maybe

I think it's pretty obvious that we'll be seeing a test of the all time highs before going much lower, but the perfect bull flag channel on SPX here is saying that we may well see a decent dip to buy first. Key support is at 2070 and if that breaks without first seeing a break of flag channel resistance, it's still possible that we could see a test of flag support in the 2000-10 area. SPX 60min:
RUT is testing double trendline resistance here and is very short term overbought on RSI. There are both RSI 5 and RSI 14 sell signals on the 15min chart. The obvious next move is a test of short term channel support in the 1187-90 area. RUT 60min chart:
NDX is already on a 60min RSI 14 sell signal of course. NDX 60min chart:
SPX flag resistance is in the 2093 area, and a break above kills off the possible setup for a retest of 2000. Key uptrend support is at the 50 hour MA at 2082.70. A sustained break below opens a test of 2070, and a break below 2070 opens up a retest of the 2040 area.

Today is a cycle trend day, so there are 70% odds that either buyers or sellers will dominate the tape today. The volume is low though so that may affect the odds.

Stan and I are doing a free Chart Chat every fourth Sunday, and the next one is on Sunday 6th December. It should be a very interesting one with the current setups here on USD, gold, oil, natgas, sugar etc so I'd sign up early to make sure that you have a place. You can sign up for that here.

No comments:

Post a comment