- 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.
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- 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, 17 June 2016

2085 Still The Level

Running late today so I'm using the ES, NQ and TF futures charts that I posted for subscribers at theartofchart.net this morning.

SPX went to the 2050 target that I mentioned yesterday morning and found support there, rallying powerfully enough from there to break the declining resistance trendlines on SPX, ES and NQ, but not RUT. Is the retracement over? Maybe, but if so then SPX needs to confirm with a break back over support turned resistance at 2085. The other significant resistance levels to watch today are daily closing resistance at the 5dma (now at 1975), daily middle band (now at 2089), and hourly resistance at the 50 hour MA, also at 2089.

ES Sep 60min chart:
NQ Sep 60min chart:
TF Sep 60min chart:
Yesterday's cycle trend day was a V day in effect in the end. Today is the other cycle trend day this week and should be interesting whichever way it goes. Everyone have a great weekend :-)

Stan and I did a free educational webinar yesterday on trendlines, partly because I see a lot of very poor quality trendline work around, so if you start a lot of your trendlines away from the high or low of the previous trends, or you use a lot of log charts with trendlines, then I'd suggest you watch it for what I'm saying in the webinar about proper trendline construction and scaling. You can see the recording of that here. If you want to see examples of trendlines that I have drawn in the past then there are must be somewhere between 20,000 and 100,000 on the charts in the post history at my blog at www.channelsandpatterns.com. Also a lot of patterns drawn correctly there as well of course.

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