My apologies for the intermittent posts lately. As some of you will know, it has been very busy at theartofchart.net recently with the launch of a major new service for us on 25th June, Paragon Options, a directional options service trading options on futures. We’ve put a lot of work into developing and launching this service, which as far as we are aware is entirely unique, trading options on the wide range of futures and forex instruments we cover in our other services. Almost all or all other options services focus on stocks and ETFs. The first month is going well, up about 5% in the first two weeks and two days so far, and workload should be easing off a bit soon, but it has been very busy. My posting schedule should be back to normal soon.
Since I last posted that the retracement low was likely in, SPX formed a decent quality IHS and that has broken up and reached target at a retest of the June high. In the short term ES/SPX is retracing and ideally we’d like to see a low made today or tomorrow in the 2760-5 ES area before this uptrend resumes.
Full Premarket Video from theartofchart.net – Update on ES, NQ, CL, NG, GC, SI, HG, ZB, KC, SB, CC, ZW, ZC, ZS, DX, EURUSD, USDJPY, USDCAD, AUDUSD:
On SPX there is a clear rising channel from the low and it is this I am mainly watching here. Channel resistance is rising, obviously, and is currently in the 2842 area. SPX 60min chart: