ES – The Art Of Chart

Tag: ES

A Festival of Flags

[vc_row][vc_column][vc_column_text]SPX has seen a decent retracement from the highs, the reversion to the mean target at the 45dma has been hit, and a lot of decent looking bull flags have been forming on US indices. SPX may now be close to a retracement low, and a daily RSI 5 buy signal fixed a couple of...

Binary Decision Point

[vc_row][vc_column][vc_column_text]I was looking earlier this week on the very high quality falling wedge that had formed on SPX from the last high and considering the odds that it was a bull flag setting up a retest of the high. Since then the wedge has broken up, retraced about 50% of the decline, and an IHS...

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...

Rolling Over

[vc_row][vc_column][vc_column_text]SPX has reached a peak of 9.57% over the 45dma on this run. That's likely to be the highest reading as the 45dma is now rising significantly every day, and has risen 40 handles this week. We should now see a retracement that reaches at least close to the 45dma, now at 3971, and may...

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...

A Strange Start To June

[vc_row][vc_column][vc_column_text]June is not a bullish month historically on SPX, but it does have some bullish leaning days. Today, the second trading day of the month, is historically the strongest day of the month, with 76.2% green closes on SPX. Yesterday runs equal with Tuesday 15th June for second most bullish day of the month with...