Onwards And Upwards

On my last post I was looking at the setup for a backtest of the daily middle band, and SPX delivered that and has then rallied back almost to the all time high retest, which I’m expecting to happen ideally today or tomorrow, as the historical stats for Wednesday and Thursday this week lean significantly bearish.

SPX daily chart:

If the SPX all time high is broken with force, then the main upside target is the wedge resistance for the rising wedge from the March 2020 low. That is currently in the 4320 area but it is going to take a strong push over the SPX all time high to make that the main target for now.

SPX 60min chart:

The main target for now is the wedge resistance on the rising wedge from the May lows. That rising wedge support is now in the 4195 area, and resistance currently in the 4255 area. Both support trendlines are rising of course.

SPX 15min chart:

The June free public Chart Chat at theartofchart.net has been scheduled for next Sunday 13th June. You can register for that here, and the registration links for that and the other free webinars this month are also of course on our June Free Webinars page.

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.

07th Jun 2021

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