- 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, 20 January 2017

Inauguration Day

Stan and I did a webinar on fibonacci retracements and extensions last night at theartofchart.net, and if you would like to see the recording you can find that here. That's looking very topical this morning as I was showing a number of fibonacci retracements on various timeframes there, and on the ES & TF charts that I did for Daily Video Service members after the webinar, I was talking about the fib retrace levels that ES & TF hit at the lows yesterday. You can see yesterday night's comments on the charts below of course.

On ES the rising channel broke down in the morning and the LOD was a 50% retracement of the channel. I mentioned that this was a very possible place to start the last leg up if ES could convert the weekly pivot at 2264.75 to support and that's looking good so far this morning. No ATH retest yet but getting closer. ES Mar 60min chart:
NQ made a new ATH yesterday and has made another this morning. This is a very toppy looking setup with the perfect backtest of broken rising wedge support and a hard fail here wouldn't surprise me, though not seeing anything on the 60min RSI to suggest that at the moment. NQ Mar 60min chart:
On TF the LOD yesterday was a perfect 61.8% fib retrace of the rising channel to a new ATH in early December. No decent overall pattern on the move from there but a possible retracement low made. Falling megaphone resistance on TF now in the 1359.5 area and a test of that would confirm the 70% bullish leaning megaphone. TF Mar 60min:
The obvious bull/bear level on ES today is at 2265/6 and if we are to finally see the ATH retests today on ES & SPX then that should be respected. We'll see how that goes.

I've been mentioning the free to all weekly calls that we post on Sundays regularly, and this week's page here has a breakdown of the performance on these since we started doing them a few months ago. That's near the bottom of the page and the performance has been very impressive so far. If you want to follow these the new one is posted on the blog at theartofchart.net every Sunday.

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