Baby Steps

I was expecting a modest retracement in my last post and we have seen one. I was looking at the setup on the premarket video today and there is a probable short term low here testing support at the ES weekly pivot, open gap support on SPX and the 50 hour MA. We should see a short term higher high next and that will likely be setting up a larger retracement to follow. That’s working out so far.

Partial Premarket Video from theartofchart.net – Update on ES, NQ:

On the bigger picture there are possible hourly RSI 14 and daily RSI 5 sell signals brewing and those I am expecting to deliver not too soon after a higher high for July is made on SPX. SPX 60min chart:

 

Written by:

Richard Chappell

Jack is a 20 year retail trading veteran and co-founder of The Art Of Chart. He started his blog at channelsandpatterns.net in 2010 and since has published tens of thousands of charts looking at hundreds of trading instruments across most tradeable markets, doing original work mainly in the areas of trendlines, patterns and divergences. At The Art Of Chart Jack has taught trading skills, technical analysis, and the discipline and trader psychology that allow those to be used effectively in trading.

17th Jul 2018

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