Some Writing On A Wall Somewhere

Well, it’s been a while, but something interesting finally happened on equities today with an AM high that died into a halfway decent decline. Rising support for SPX from the late December low was broken and we may well now be in the topping process for a larger retracement before subsequent higher highs.

This one is mainly interesting because if seen this should deliver a decent buyable dip, but that would be interesting to see. The high after this one might be more interesting for a swing trade. Intraday Video – Update on ES, NQ, and TF + others:

It’s a measure of how strong this move up has been that a 40 handle pullback failed to reach the 50 hour MA on SPX, now at 2756. If this move is topping out, the obvious topping sequence would be a retest of the high and marginal new ATH before a move to test rising support from the November low, currently in the 2712 area. SPX 60min chart:

I’ve posted my full intraday video as I aim to do that once a week. Normally I’ll just be posting the equity index section.

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 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.

16th Jan 2018

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