SPX has spent the week inching through the topping process, with some progress particularly yesterday and today. Yet another higher high may be needed, as I was suggesting in my premarket video this morning. That is below with an update on ES and the usual 21 other futures charts. Full Premarket Video from theartofchart.net – Updates on […]
read more »On Tuesday I was talking about the likely outcomes if SPX/ES managed either to convert the weekly pivot (2879.50) to resistance or failed in that attempt, and the likely outcome in the event that WP held as support was a full retest of the swing high and likely marginal higher high. WP held as support […]
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This really is one of the most nicely formed trendline highs on SPX/ES here that I’ve seen in a while and, so far at least, trendline resistance is holding like a champ. As long as that remains the case we should either be starting the first swing down now or, if the weekly pivot on […]
read more »On Tuesday I was looking at the obvious resistance trendlines on SPX that might be hit this week in the 2885-2900 area and I’ve been watching those since. This morning they have been hit at 2891/2 with a possible hourly RSI 14 sell signal brewing, so this is an important inflection point and possible swing […]
read more »The short term resistance on the SPX 5dma and 50hma that held for much of last week eventually broke and delivered the high retest and marginal higher high that I was looking for in the event of that break. So what now? Well I’m expecting this to be the second high of a double top […]
read more »The first move down on equities has delivered nicely, and at this point the time has come for the rally that is in progress at the moment. Now on the bigger picture this is an inflection point test of trend resistance, and the alternate inflection point outcomes are either a failure at resistance into another […]
read more »Last Friday, I was saying that my preferred scenario on SPX would deliver a marginal new rally high to make the second high of a double top to then take SPX back into the 2600-50 area. We have seen that marginal higher high, the middle of this cycle high window is today, and the stats […]
read more »I was looking at the likely reversal back up on Friday morning and obviously we have seen that. ES/SPX have since broken back strongly over the multiple resistance levels in the 2660-70 area, weekly and monthly pivots, daily middle band 5dma and 50 hour MA. So now what? Well in the short term a retracement […]
read more »Everything that I was looking at on Wednesday has delivered except that SPX has not quite yet reached the H&S target at 2720. The daily RSI 5/NYMO sell signal fixed and reached target, the hourly sell signals on SPX and RUT both made target, and while SPX might need another marginal lower low to reached […]
read more »I was looking at the topping setup here before the open, among other things. Full premarket video below including a very nice reversal setup on GC. Full Premarket Video from theartofchart.net – Updates on ES, NQ, RTY, DAX, ESTX50, SPX, NDX, RUT, CL, NG, GC, SI, HG, ZB, KC, SB, CC, ZW, ZC, ZS, DX, EURUSD, USDJPY, USDCAD […]
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