- 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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Monday, 10 April 2017

Failing At Resistance So Far

This week is a holiday week and these often lean bullish but the historical stats for this week are neutral. I'd note though that the historical stats for next week are bullish.

There's been some impressively tedious tape on Friday and today so far and on the hourly charts all three of SPX, NDX and RUT have been testing their 50 hour moving averages as resistance and failing to sustain any breaks over them.

On the daily chart the picture is more mixed, with SPX and RUT both testing their daily middle bands as resistance, and NDX testing the daily middle band there as support. SPX daily chart:
SPX 60min chart:
NDX 60min chart:
RUT 60min chart:
The obvious read here is that bear flags are forming before a move down. Bulls still have a shot if they can close a day over the SPX daily middle band and then confirm with another close above the following day. In the absence of that this is a sideways consolidation before another leg lower.

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