- 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
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Tuesday, 7 March 2017

A Small Blizzard Of Falling Wedges

Nice decline on SPX yesterday morning, which didn't fill the open gap support into 2363.64, and a nice rally in the afternoon, that didn't fill the open (possibly breakaway) gap resistance into Friday's close at 2383.12. The opening setup here is 70% bullish falling wedges breaking up on all of SPX, ES, NDX, NQ and RUT, TF. I posted my premarket video that I record every morning for Daily Video Service subscribers at theartofchart.net on my twitter this morning to show the setup, and you can see that video here. SPX 60min chart:
There is obviously an open daily RSI 5 sell signal fixed on SPX, also both RSI 14 and RSI 5 sell signals on RUT, and both RSI 14 and RSI 5 sell signals fixed on NDX yesterday. There is a lot of downward pressure and I'd note that while I feel that the ATH retest next is the 70/30 option here, Stan is leaning in the other direction that 70/30 the swing highs have already been made. SPX may break down here, but until that gap support fills I'm favoring a break up into an ATH retest first to make a likely second high of a double top. SPX daily chart:
Nice falling wedge bull flag setup. Key resistance at the weekly pivot at 2379.75, which needs to be converted to support to open the ATH retest. ES Mar 60min (pre-market) chart:
Nice falling wedge bull flag setup. Key resistance at the weekly pivot at 5363.25, which needs to be converted to support to open the ATH retest. NQ Mar 60min (pre-market) chart:
Nice falling wedge setup. Key resistance at the weekly and monthly pivots at at 1395/6, which need to be converted to support to open the ATH retest. TF Mar 60min (pre-market) chart:
This is the key inflection point for the week here and if SPX breaks up we should see that ATH retest. If SPX breaks down we may well see a fast move to the next trendline support, currently in the 2337 area.

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