Indexes – Page 26 – The Art Of Chart

Category: Indexes

Goodbye To 2018

Stan and I did our end of year webinar yesterday looking at the outlook next year for equity markets including SPX, NDX, RUT, DAX & NIKK, also AMZN & AAPL, bonds, oil, gold, silver, gdx, us dollar, EURUSD, coffee, sugar, wheat, corn, bitcoin and a couple of other instruments we were asked about that I...

Looking Into 2019

At the weekend in Chart Chat I was talking about the 2300-50 support area on SPX, and the current rally has started from there. That area is composed of the monthly lower band and the 200 week MA, both in the 2350 area, the 50 month MA at 2330, and rising megaphone support from the...

Big Support Breaks

After repeated tests where it held, the thrust down after the Fed hike on Wednesday broke down through the big support level and potential H&S neckline in the 2530-40 SPX area and continued down. Wednesday night I was looking at the next big level on ES 2465-80 area and that too has broken yesterday. I'd...

Belt And Braces

SPX closed ten handles or so over the 5dma yesterday, so SPX is back on the Three Day Rule. If SPX should close back below the 5dma today or Monday then we should expect a retest of the last low at 2583.23 in the near future. At the moment the 5dma is at 2638 and...

First Break Under 2600

I had food poisoning for half of last week, so I didn't manage to get a post out or remind everyone that Stan and I were doing our monthly public Chart Chat on Sunday. If you missed that, the recording is posted here. In the webinar yesterday, we were looking at the likely triangle on ES/SPX...

Phase Changes

At the open this morning, there was a key common thread on SPX, NDX and RUT in that all three were either close (SPX & NDX), or at (RUT) their key resistance trendlines from the all time highs. As I've been writing, the falling channel resistance on SPX and falling wedge resistance on NDX have...

The Road Less Travelled

The bull scenario initially looked good after my post last week, with clear breaks back over the daily middle band and 5dma on Friday. That triggered the 5dma Three Day Rule, which, on a daily close back below the 5dma on Monday or Tuesday, would look for a retest of the most recent low. SPX...

Santa’s Inflection Point

On my last post I was talking about the expected significant backtest on SPX, and we have now seen that retracement which has reached the 61.8% fib retrace area. At this point I'm expecting the main rally into Xmas to start in the next couple of days and that may well be starting here. However...

Rallying into FOMC

Last week I was talking about a backtest into the 5dma / 50 hour MA support area and we saw that, and another leg up over the daily middle band and the 50% retracement level that brings SPX up into resistance at the 61.8% retracement level at 2812 and the September rally high at 2816.94....

Just The Stats Ma’am

The close on SPX yesterday was a clear close back over the 5dma, and as it has been a decline of more than 2% since the last break down, that puts SPX back on the Three Day Rule. That means that if SPX should deliver a clear close (4/5+ handles) back below the 5dma, currently...