- 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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Monday, 23 November 2015

Smells Like Retracement Coming

The rising wedge on SPX broke down on Friday afternoon and an RSI 14 sell signal fixed on the 15min chart, with an RSI 5 sell signal also fixing on the 60min chart. There is no obvious short term topping pattern yet, and we may see a higher high to form that, but a retracement looks close. If we see that retracement, then the obvious support levels are the daily middle band in the 2078 area, and the 50 hour MA in the 2061 area. SPX 60min chart:
NDX and RUT haven't yet broken their support trendlines, but there are both RSI 14 and RSI 5 sell signals brewing on the NDX 60min chart. If and when the current support trendline breaks, those sell signals will likely fix. NDX 60min chart:
Today and tomorrow are both cycle trend days, which means that there are 70% odds that either buyers or sellers will dominate each day. This does not require full trend days. I'm expecting to see a strong day of selling tomorrow if we don't see that today.

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