- 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, 8 December 2017

Winter Is Here

A modest storm by US standards is passing over the UK. We have enough snow for a modest selection of snowballs, and I'm planning a quiet weekend in, relaxing while doing no more than an absolute maximum of seventy charts and three videos before Monday. I might light a nice coal fire if the snow lasts.

Intraday Video - Update on ES, NQ & TF:
So are we starting a B wave down from this area? Possibly and for that I'll be watching the open gap from 6316.28 on NDX. If that is filled then the gap over resistance on NQ this morning was not a breakaway gap, and we may be starting a new leg down. NDX daily chart:
Everyone have a great weekend. :-)

Thursday, 7 December 2017

When The Going Gets Tough

I've been struggling to get my morning posts out in recent months, and that's because my workload at theartofchart.net is substantial and still growing. Every morning before the open I update and publish charts on nineteen different futures and forex instruments and record a premarket video looking at all of those. This must be my main priority.

A possible solution I am looking at is to clip the equity indices section from that premarket video, and post that with a chart or two before or near the open. This should allow me to get back to doing these free posts on indices every morning which I'd like. Trying that out today. Tell me what you think.

SPX is approaching channel support now in the 2621 area and that is a match with rising support on ES. I'd be surprised if that wasn't tested and that could break at that test, though I'd prefer to see it hold. SPX 60min chart:
Interesting setup across ES, NQ and TF today that I look at in the video. ES and TF still working the channels that I posted on my twitter at Friday lunchtime last week, and they have been great performers so far. Premarket video excerpt - Equity Indices:
If the video isn't loading, then the direct link to it is here. I'll be uploading it to YouTube tomorrow and trying that instead of the direct upload I tried today.

Tell me what you think of the new format. Considering doing this every morning to get back into a workable daily routine on the blog.

Friday, 1 December 2017

December Begins

Stan and I are doing our monthly free public Chart Chat at theartofchart.net at 4pm EST on Sunday. We'll be looking at the usual wide range of equity indices, bonds, precious metals, energies and commodities and if you'd like to attend you can register for that on our December Free Webinars page.

After the spike up at the start of the week I noted the clear break over the previous wedge resistance on SPX, and mentioned that the next decent candidate trendline was in the 2650 area. That was a slightly low estimate as that trendline was tested at the high yesterday at 2657.74, rather sooner than I was expected. At the first test SPX has rejected from it. SPX daily chart:
So where does that leave SPX/ES? Well my confidence in the bears has rarely been lower than it is here at the start of a historically bullish month at the end of a very bullish year, but that is a potentially significant trendline resistance test and I'm watching this with interest.

On ES the rising channel I was looking at in the short video on Wednesday was resistance at the first highs yesterday morning, then broke up, and broken channel resistance was support in the afternoon after the rejection from the high. A small rising megaphone formed on that move and broke down overnight. This looks like a possible short term high, and a topping pattern may be forming, and I'm wondering about a retest of yesterday's high today or Monday to make the second high of a modest double top. ES Dec 60min chart:
While ES and TF have been making new all time highs NQ has very weak, and yesterday NQ was rallying from a hard decline the day before. That rally has found resistance so far at the weekly pivot at 6374. If that continues to hold as resistance today then NQ should start another leg down into the 6200 - 30 area. If it breaks and converts to support then the obvious target would be a retest of the all time high. NQ Dec 60min chart:
On TF a clear rising wedge has formed from the November low and broke down overnight. There is already an open target in the 1522 area from an only middling quality H&S, but if equities have a strong day today then TF could retest the high to make the second high of a small double top. TF Dec 60min chart:
The historical stats for December are firmly bullish, but the stats today are only neutral. The overall setup leans bearish but we may well need high retests first, and it's worth remembering how many bearish leaning setups have failed in 2017 to date. Everyone have a great weekend. :-)