- 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.

Wednesday, 17 February 2016

Inflection Point Here

Equity markets ignored the sell signals yesterday and kept on going up. As we open this morning markets are now at a significant short term inflection point on ES, TF and NQ. The bear option is that all three are overthrowing rising wedges, which would then break down and retrace. That retrace would tell us a lot about the significance of last Thursday's low.

The bullish option is that all three are in rising channels, and that the obvious next target on SPX would be at a retest of the last rally high at 1947. We should see which way that's going to go this morning. I'm leaning towards the short option but if SPX can get back over 1920, then the bulls have likely won the inflection point.

ES Mar 60min chart:
TF Mar 60min chart:
NQ Mar 60min chart:
On the bigger picture if we do see a retest of the last rally high at 1947 SPX, then that is possible double bottom resistance, and if broken, that double bottom would target the 2084 area, with strong resistance in the 2000-20 area on the way. We aren't at that inflection point yet but the setup looks nice and I'm considering it seriously.

No comments:

Post a comment