Breaking Triangle Resistance

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SPX found support on Tuesday as expected, and is now testing the next level of resistance at triangle resistance on SPX. We’re expecting a retracement soon and I was hoping to see triangle resistance broken clearly before that retracement, to make the next retracement low an unambiguous buy, and my wish has now been granted. So far the day is looking trendy, so we may not see the high into that retracement today. Partial Premarket Video from theartofchart.net – Update on ES, NQ and TF:

I don’t know if it could be reached before the retracement but I’d note that there is a high quality channel resistance trendline on SPX that is now in the 2740 area. That may be where this leg up is headed. SPX 60min chart:

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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.

10th May 2018

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