- 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, 27 May 2016

Roll On The Weekend

On SPX this is day three of a daily upper band ride. The upper band is at 2096.92 at the moment and the current intraday high has already tested that. At the time of writing ES has broken over the resistance at the 2092.75 area that has held the last two days, and if that break is sustained I have a working breakout target at 2103.25 that may well be hit. ES Jun 60min chart:
NQ has been trickling up. As with ES and TF there is a fixed 60min sell signal but it's possible that we won't see any meaningful retracement until the double bottom target has been hit (target on the chart). NQ Jun 60min chart:
As with NQ, TF still has an open reversal pattern above, and a possible bull triangle forming at the time I capped the chart. TF Jun 60min chart:
Obviously the big new today is the Yellen speech at lunchtime. That may or may not have any interesting news in it. We'll see. Today and Tuesday are bracketing a holiday weekend, so volume will be thin and that would generally favor the bulls. Unless there is a negative reaction to Yellen's speech I'm not really looking for any meaningful retracement today. That said there is a lot of negative divergence and sell signals abound on the 60min and 15min charts. That mainly means that neither long or short looks particularly appealing here.

This weekend is a rarity for me as it is a holiday weekend in both the US and the UK. As the last day of the weekend is a big work day for me that means that I get two days off this weekend rather than one. I'm planning to catch up on sleep and the new series of Game of Thrones so I'll be having an unusually relaxing weekend. I hope everyone has a great holiday weekend. :-)

No comments:

Post a comment