- 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, 15 July 2016

Rising Support Breaks

Bulls had an ok day yesterday, but they're looking tired here, and this morning has seen the rising wedge trendlines break on both ES and SPX. There is a small double top on SPX targeting 2149 on a break below 2159, and I'm looking for a larger topping pattern to form, so I'm going to be watching the possible H&S neckline in the 2146 area. SPX 60min chart:
Until there is a clear topping pattern the high on SPX may still be retested and exceeded, but SPX should now be in a short term topping process for a decent retracement before most likely going higher. Ideally the retracement target would be a retest of the daily middle band just under 2100, and that's currently a good match with a 38.2% fib retracement of this move up from 1991. 

I'm going to be holiday from Thursday 21st July through Friday 29th July. I'll get a couple of posts out over the period but my internet access is likely to be patchy. Everyone have a great weekend :-)

No comments:

Post a comment