Long Term View – The Art Of Chart

Category: Long Term View

A Short But Winding Road

[vc_row][vc_column][vc_column_text]In my last post I was talking about the possibility of a triangle forming on SPX. That triangle arguably then finished wave D at the low that day and then broke down the next. Had that been a bear flag triangle then the target would then have been a retest of the 2022 low, but...

In Between Days

[vc_row][vc_column][vc_column_text]SPX is retracing and is likely to open today below the monthly pivot at 3867 and the weekly pivot at 3853. That opens a possible backtest of the daily middle band, currently in the 3812 area, and a close below and conversion of that to resistance would open a possible 2022 low retest. Am I...

The Evolving Markets

[vc_row][vc_column][vc_column_text]SPX didn't retest the retracement low on Tuesday and that blew the best chance to do that in the next few days. The stats for today through Tuesday lean modestly bullish, and fairly strongly bullish on Wednesday and Thursday. This doesn't mean that SPX has to close higher on all or indeed any of those...

After The Holiday

[vc_row][vc_column][vc_column_text]I hope everyone had a great Independence Day weekend. For some obscure historical reason that isn't a public holiday over here in the UK, but as I work US hours I had a very pleasant long weekend. I'm going to look at the short and longer term prospects for SPX here, and I'll start with...

Possible Break Back Down

[vc_row][vc_column][vc_column_text]I posted this chart on my twitter on Wednesday night with the comment that SPX was reaching an important short term inflection point where it might go directly into a retest of the current 2022 low. I said that the strongest kind of break would be a gap through the gap support highlighted in yellow...

Rally Testing Second Resistance

[vc_row][vc_column][vc_column_text]Daily RSI 5 buy signals have fixed across the board on SPX (weak), NDX (full), IWM (full) and Dow (weak), so it is possible that the rally may extend significantly further without a low retest. There are also fixed hourly RSI 14 buy signals fixed on all four and none of those have yet made...

Back On The Three Day Rule Again

[vc_row][vc_column][vc_column_text]Last week I was talking about a likely modest rally coming, which we have seen, and then a low retest, which we have not yet seen but I'm expecting to see this week. After that I'm thinking we may well see a much larger rally on SPX, and one thing I was waiting to see...

Blood In The Streets

[vc_row][vc_column][vc_column_text]I wanted to talk a bit this morning about big highs and lows on SPX. Obviously the economy may well be going into recession, interest rates will likely rise a lot further over coming years, and that has to happen really because examples in history where inflation has been brought under control without interest rates...

Through A Glass Darkly

[vc_row][vc_column][vc_column_text]SPX broke down and has retested the retracement low, as have NDX and Dow as well, but not yet IWM. This brings SPX and the other US indices to the key inflection point this year, where we see whether the move so far this year has been the formation of large bull flags setting up...

Testing The Middle Band

[vc_row][vc_column][vc_column_text]Yesterday's bearish historical stats delivered hard and broke the bull flag setups that I posted in the morning. SPX is now testing the 4000 area and, if that breaks, the next target will likely be a retest of the retracement low at 3810.32. I still like all the bull flags from the high here, but...