Testing Key Support

Yesterday’s promising start to the downtrend has continued today and brought ES & SPX down to test important trend support at the weekly pivot on ES at 2749 and the 50 hour MA on SPX now at 2751. SPX is trading about 4 handles below ES today.  A decent confirmation that support is breaking would be a fill of the open breakaway gap on SPX from 2738.97. It is, of course, possible that this support level won’t break, so bears really need to push down through this. Intraday Video from theartofchart.net – Update on ES, NQ, and TF:

Here’s the support shown on SPX. A break below opens a test of main rally rising support, now in the 2720 area. 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.

14th Mar 2018

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