Tag: ES

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...

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Tag: ES

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...

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Tag: ES

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...

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Tag: ES

Thanksgiving Thoughts – Shorter Term

November is about to end and SPX is likely at the time of writing to do something not previously done in the last twenty five years, which is to close a long way above the monthly upper band, currently 3566 area, only three months above the last strong punch close above in August. What does...

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Tag: ES

Rally Time

My apologies for this being the first post in a couple of weeks. Hoping to get this back to a couple of posts a week now. I've been avoiding discussing COVID-19 much in recent months as it is very much an election issue in the US and that's not a conversation I really want to...

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Tag: ES

Moving To The Next Screen

One thing I try to stress in these posts is that the movement of the market can, to a significant extent, be broken down into a series of inflection points and, depending on the outcomes at those inflection points, the market moves to the next inflection point or screen. Last week there was a very...

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Tag: ES

Quick Update On COVID and SPX

I was reading a very interesting article yesterday on the progress of COVID-19 and it was interesting not so much because of what was said, as for the decent quality numbers that it was quoting on COVID-19 exposures in the US population, and the fatality rate from the now decently sized statistical sample of exposed...

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Tag: ES

A Killing Joke

I was asked an interesting question yesterday in our monthly free public Chart Chat at theartofchart.net, and I'd like to talk a bit about that before I start looking at markets today. The question was whether, given that market prices reflect everything that is currently known at the moment about that market, then how can...

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Tag: ES

The Next Inflection Points

I was talking on Monday about the decent looking setup for a lower high on SPX, and so it proved to be. What next? Well the rising wedge from the early May low has broken down and almost entirely retraced. There is some possible support here, but the trend down day that ES/SPX has delivered...

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Tag: ES

An Overflow Of Good Converts To Bad

I have a Shakespeare theme with the title today, which is a quote from Richard III. I am a lifelong Shakespeare lover and have been using some of my quarantine time watching film versions of some of his plays, of which I have about thirty or so in total, many of which were beautifully done....

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