- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......
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Thursday, 14 July 2016

Better Late Than Never

Very late post today, but it's my younger son's birthday and events have conspired to make this a late one.

I was saying yesterday morning that a move like this is like a trend day, in that it can just keep on going through negative divergence, pattern setups etc etc etc. A decent example of that was the move up overnight but this has clarified the resistance trendline setup nicely and we might now be reaching a stage where this move be topping out.

I did the chart below last night for subscribers at theartofchart.net, and SPX has come close to testing the daily upper band again today. The daily upper band ride is likely ending here but bulls have another chance to try to reach it again tomorrow. SPX daily chart:
There is now a decent looking possible rising wedge resistance trendline, and that needs a touch of rising wedge support, currently at 2157/8 and rising rapidly. SPX 60min chart:
There is now  decent rising wedge resistance option on ES. Stan and I are thinking that we might well do a slightly higher high before breaks the wedge but we'll see. ES rising wedge support is currently in the 2145 area. ES Sep 60min chart:
Until we see a break below the rising support trendlines on both ES and SPX there's not going to be much happening on the short side. That should happen in the next two or three days though, as rising support trendlines this steep don't last long. That said, the next retracement might obviously just establish a less steep support trendline.

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