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Monday, 11 September 2017

After The Intermission

Last week was an in-between week but the key support levels all held, and after the strong open this week SPX is now close to the bull flag target at the retest of the all time high. I show below that another bull flag channel has now also broken up on NQ, and I'm expecting an all time high retest there as well. SPX 60min chart:
We are looking for a continuation upwards on SPX ideally to a target in the 2509 area before a strong reversal from there but I would note the possible nested double tops setup forming on the NDX chart. We could see a hard fail at the third high of this possible nested double top, and I'll be watching for that. NDX 60min chart:
The ES, NQ and TF futures charts below were done an hour before the RTH open for Daily Video Service subscribers at theartofchart.net. If you are interested in trying our services a 30 day free trial is available here.

ES made the higher high into 2478 that I was looking at in the pre-market and went higher from there.  ES Dec 60min chart:
The NQ bull flag channel that I was looking at this morning broke up and NQ is now close to a retest of the all time high. At the moment that looks like NQ is trailing SPX to that target slightly. NQ Dec 60min chart:
TF has made the double bottom target at 1417/8. Likely to go higher I think though a retest of the all time high might be overambitious on this index. TF Sep 60min chart:
We've introduced a new service in beta last week at theartofchart.com called Jacob's Ladders and that's going to be freely available for a couple of months before likely going subscription only at a price to be decided upon, but intended to be inexpensive. The system is fibonacci-based and generates intraday levels likely to be important on a wide variety of futures. I've been using it for months and it's really very good. If you're interested in trying it you can see the introduction page here, the ongoing page you should bookmark is here, and updates are being done during the day at the public theartofchart.net twitter feed here. Strong recommend to have a look if you trade futures.

Stan and I are doing our our monthly free public Big Five (AAPL, AMZN, FB, NFLX, TSLA)webinar an hour after the close on Thursday at theartofchart.net, and if you would like to attend then you can register for that on our September Free Webinars page. This week's edition of The Weekly Call is posted and the model portfolio there is up 205% in the ten months to August 31st, now slightly over our target minimum 200% return over the first year. As that target has been reached we're thinking of making the strategy there a bit less conservative. That's a free weekly service and if you trade futures I'd suggest adding it to your reading list.

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