- 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.

Wednesday, 14 February 2018

Trendline Evolution At Work

There has been a remarkable similarity on the patterns from last Friday's low on all of ES, NQ and TF, with rising wedges forming, then breaking down. I was expecting consolidation to establish less steep support trendlines and in a remarkable convergence all three of those initial rising wedges evolved into perfect rising channel with the channel support trendlines established at the premarket spike down lows this morning. Will these make it back to channel resistance? Maybe yes, I look at options in the video below. Intraday Video from theartofchart.net - Update on ES, NQ and TF:
On the bigger picture there is a possible double bottom setup on SPX here, but we aren't expecting that to make target, as we don't think that the retracement is done yet. What I think is more likely on on all three indices is that they are rallying to establish the declining resistance trendlines that should then hold until the retracement on each are finished. That may well need to go higher than today's highs first. SPX 60min chart:

No comments:

Post a comment