Awaiting SPX Low Retest

In my post a week ago I was saying that SPX was back on the Three Day Rule, and on the third day SPX closed clearly back below the 5dma, triggering the rule. That means there is a very high probability that the 4114.65 low will be retested in the near future.

SPX daily 5dma chart:

After that break SPX backtested the daily middle band and rejected from there. That makes a very decent looking candidate rally high.

SPX daily BBs chart:

On the SPX hourly chart a decent quality double top has formed that on a break and conversion of double top support at 4279 would take SPX back most of the way to the low.

SPX 60min chart:

On the NDX hourly chart a smaller double top has already broken down with a target in the 13500 area.

NDX 60min chart:

The matching double top on ES broke down overnight but has rallied back strongly so far. We’ll see if that follows through to the downside today.

ES Mar 60min chart:

We did our monthly free public Chart Chat at looking at equity indices and the usual wide range of other markets yesterday and if you missed that you can see the recording here or on our March 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 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 Mar 2022

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