- 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, 5 February 2016

Holiday in Denmark

SPX just kicked around without any definite direction yesterday and so far today the same again, though we be starting to resolve down. This sideways again is neither bullish nor bearish, and is a decent fit with both the H&S and larger IHS scenario marked on the 60min chart below.

What is potentially interesting here is key support on the 50 hour MA, with that currently at 1909 and SPX at 1890 at the time of writing. If bears can convert that into resistance, having been support all yesterday, then we may resolve in the obvious direction, which is down. SPX 60min chart:
I've marked the ES resistance levels on the chart but there's only one serious support level on the chart below and that is at rising channel / bear flag support, currently at 1877 on ES, so about 1882/3 on SPX. ES Mar 60min chart:
The very obvious direction is down here, into a retest of 1812 and then further down, but this rally from the 1812 SPX low has not definitely finished yet so shorts should still be cautious here, at least until 1877 ES is broken.

No comments:

Post a comment