Tag: INDU

Possible Topping Action Here

[vc_row][vc_column][vc_column_text]I was looking at the resistance trendlines on SPX and NDX last week and while I was off on Friday SPX tested the resistance trendline there. Of those four signals, only ES hasn't yet made the possible near miss target, though it isn't far away, and may well reach that this morning without declining much...

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Tag: INDU

Still Testing Strong Resistance

[vc_row][vc_column][vc_column_text]SPX has made new all time highs as expected and has gone to the resistance level I was talking about in my post a week ago. In the meantime though that trendline has risen and looks to be in the 4465-70 area now. There is no need to test that trendline, but it is strong...

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Tag: INDU

What If … We See SPX Retest 3800

[vc_row][vc_column][vc_column_text]Everything is in the groove from my post yesterday. NDX and ESTX50 made new all time highs yesterday. SPX and Dow made new all time highs today, RUT retested the August high today, making the second high of a possible double top. Only DAX looks slightly short of a new all time high but that...

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Tag: INDU

Retesting Strong Resistance Here

[vc_row][vc_column][vc_column_text]SPX and NDX held the strong resistance they were testing a week ago, retraced a bit, and are now close to testing them again. I have been expecting new all time highs on both, and NDX has made a new all time high today, but SPX is still a bit short and likely needs to...

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Tag: INDU

Testing Strong Resistance Here

[vc_row][vc_column][vc_column_text]Apologies for the extended absence again as my interminable divorce drags on. That's making progress though at least and in a few months at most should be done. In the meantime I posted my premarket video at theartofchart.net from this morning on my twitter in the morning and on indices so far at least that...

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Tag: INDU

Watching For 4400-10

[vc_row][vc_column][vc_column_text]I've been distracted this week by a divorce hearing yesterday morning, but that's out of the way now and I'm doing two posts today. This first one is talking about short term upside targets across SPX, NDX, IWM and INDU and the second one later today will be looking at the bigger picture case for...

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Tag: INDU

The Next Upside Targets

[vc_row][vc_column][vc_column_text]Obviously SPX broke up at the last inflection point and may well be on the way to the resistance trendline I mentioned in my last post, currently in the 4400 area. I'm still leaning towards seeing a decent backtest of the 4000 area over the summer sometime and ideally that backtest would reach the 3800...

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Tag: INDU

Backtesting Broken Resistance

[vc_row][vc_column][vc_column_text]On the bigger picture here the overall position on SPX is bullish. There has been a solid break over the big resistance level at 4000, and SPX is currently on both monthly and weekly upper band rides. There is currently no negative divergence on either of the monthly or weekly charts, with the weekly RSI...

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Tag: INDU

Topping Trendlines

I was saying in my last post on Monday that a retest of the high looked likely and we saw new all time highs on both SPX and NDX as expected. So what now? Well the best pattern on the board on Monday was the rising wedge on the Dow, and that is still looking...

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Tag: INDU

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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