Indexes – Page 3 – The Art Of Chart

Category: Indexes

Compression and NDX Patterns

[vc_row][vc_column][vc_column_text]SPX has been trading in a range and moving back and forth through the daily middle band, with strong established support in the 4100 area, but unable to convert it to convincing support or resistance. SPX daily BBs chart:[/vc_column_text][vc_single_image image="145445" img_size="large" alignment="center" onclick="img_link_large"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]NDX has led this rally, and already surpassed the previous highs. SPX has...

Indecision

[vc_row][vc_column][vc_column_text]A lot of indecision on the markets this week but on the bigger picture SPX remains under major resistance at the monthly middle band and the main support/resistance trendline. There is no obvious reason I can see to think that may break up now, but if bears fail to hold the short term resistance here...

Rolling Over

[vc_row][vc_column][vc_column_text]So far, the reversal at strong resistance at the monthly middle band and the main support/resistance trendline from the 2009 low is proceeding as expected. The next three weeks lean bearish, with strongly bearish leaning days Thursday 11th May, Wednesday & Thursday 17th & 18th May before we see the next strongly bullish leaning day...

A Decent Start

[vc_row][vc_column][vc_column_text]So far, the reversal at strong resistance at the monthly middle band and the main support/resistance trendline from the 2009 low is proceeding as expected. Monday was bullish as expected, there are high quality double tops formed on SPX/ES, NDX/NQ and INDU/YM. Yesterday there was a decent rejection from Monday's highs and today, leaning 61.9%...

Mayday

[vc_row][vc_column][vc_column_text]SPX broke up through the possible H&S setup on Friday and delivered a full retest of the April high, closing the month six handles under key resistance at the monthly middle band and testing the main support/resistance trendline from the 2009 low. So what now? Well, this is the main resistance that SPX has been...

Possible High Being Made

[vc_row][vc_column][vc_column_text]SPX went down a little further than was ideal, and then rallied very hard yesterday, so the topping pattern scenario is still on track. The break below the daily middle band confirmed on Wednesday and SPX broke back hard over the middle band again yesterday. A close over 4115 again today will confirm the break...

Topping Step One Completed

[vc_row][vc_column][vc_column_text]I was talking on Friday and Monday about the likely topping process now in progress on SPX here, and the possibility that SPX would head down into the possible H&S neckline in the 4070 area, supported by the daily RSI 5 sell signal that had fixed. That target was reached yesterday, and the daily RSI...

Broken Wedges

[vc_row][vc_column][vc_column_text]As I was writing on Friday, SPX is testing major double resistance at the month middle band and a key trendline from the 2009 low. With a daily RSI 5 sell signal fixed on SPX, at least a decent retracement here looks likely, and that may develop into a decline into a new bear market...

Failing At Strong Resistance

[vc_row][vc_column][vc_column_text]The main resistance for the downtrend on SPX since the all time high is twofold, and those two resistance levels are currently crossing. The first level is the monthly middle band, which has a long track record of acting as main support in an uptrend, and main resistance in a downtrend. That is currently at...

Testing The Water

[vc_row][vc_column][vc_column_text]I was writing on Friday about the nice looking rally setup on SPX and NDX particularly but obviously SPX was close to first resistance at the daily middle band and I was doubtful about that being broken on Friday, and it wasn't broken then, or indeed yesterday. This morning though, SPX has gapped over the...