Chart Chat – Page 11 – The Art Of Chart

Category: Chart Chat

Between Key Support And Resistance

[vc_row][vc_column][vc_column_text]In my last post I was looking for a retracement and looking at targets below for the likely backtest that was coming, and those initial targets have been hit, more or less. The main target was the mean reversion target at the 45dma, now at 4417, and the current low this week at 4450 isn't...

Looking For A Backtest

[vc_row][vc_column][vc_column_text]I was looking at resistance at the weekly middle band in my post on Tuesday, and SPX has broken up through that convincingly, though SPX still needs to close the week significantly above the weekly middle band, currently at 4531 to fix that resistance break. If seen SPX will then need to close next week...

S&P Retesting Main Resistance

[vc_row][vc_column][vc_column_text]My apologies for the long wait between posts. I went out with some friends for the first time in two years on the first weekend in March and caught COVID, which has taken a while to clear. That wasn't too bad and I'm clear now though I'm still feeling low on energy. Hopefully that will...

Awaiting SPX Low Retest

[vc_row][vc_column][vc_column_text]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...

Choices Choices

[vc_row][vc_column][vc_column_text]After the violent rally on Thursday and Friday next week the real question here is whether a significant low has been made. There are some signs that might be the case. On the SPX daily chart the low saw a spike down through the 3sd lower band, generally a good indicator for at least a...

Back In the USSR

[vc_row][vc_column][vc_column_text]Putin revealed his thinking in a speech last week where he stated (incorrectly) that Ukraine had always been part of Russia historically, and has now followed through on that with what looks increasingly like a full occupation of Ukraine. If he meant what he said in that speech then Ukraine's time as an independent country...

Bear Necessities

[vc_row][vc_column][vc_column_text]Unfortunately the week has become dominated by the news relating to the possible imminent invasion of Ukraine by Russia. At the time of writing there has been no invasion, and the consensus view this morning seems to be that there is no credible sign that Russia is backing down yet either. We'll see, but news...

A Valentine’s Day News Massacre

[vc_row][vc_column][vc_column_text]Equity indices failed as I was expecting on Friday, but not necessarily for the reason that I was expecting, as it may have been primarily a news reaction to the alert from the US government that Russia is preparing to invade Ukraine within the next few days. These came as unexpected news to many, possibly...

Testing The Weekly Middle Band Again

[vc_row][vc_column][vc_column_text]I was saying in my last post before the open on Tuesday that if SPX kept testing the daily middle band as resistance every day then another attempt to break back above it was likely and we saw a modest close back over the daily middle band at the close on Tuesday. That followed through...

Knock Knock

[vc_row][vc_column][vc_column_text]We did our monthly free public Chart Chat at theartofchart.net at 4pm EST on Sunday looking at the options on equity indices as well as looking at the usual wide range of other markets. If you'd like to watch the recording that you can do that here or on our February Free Webinars page. At...