[vc_row][vc_column][vc_column_text]On my last post I was looking at the setup for a backtest of the daily middle band, and SPX delivered that and has then rallied back almost to the all time high retest, which I'm expecting to happen ideally today or tomorrow, as the historical stats for Wednesday and Thursday this week lean significantly...
read moreTag: Jack’s CAP
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...
read moreTag: Jack’s CAP
A Short But Winding Road
[vc_row][vc_column][vc_column_text]In my premarket video this morning at theartofchart.net this morning I was looking at the very attractive looking setup on the index futures for a sharp retracement, and since then an H&S has broken down that would look for the 4165 area on ES. That would be a backtest of the daily middle band as...
read moreTag: Jack’s CAP
Candidate Retracement Low
[vc_row][vc_column][vc_column_text]In my last post on Tuesday I listed the three obvious targets for the current retracement from the all time high on SPX. The highest was the rising support trendline from the March 2020 low and that target was hit at the low yesterday. So far that has delivered a large rally and may well...
read moreTag: Jack’s CAP
Bull Flag And Retest (Reprise)
[vc_row][vc_column][vc_column_text]Since my last post we have seen what may be the full backtest on SPX that I was looking at then, but might only be the first leg of that backtest. The backtest did not quite reach the 3950-4025 target zone, and none of the three obvious targets were hit at the weekly middle band,...
read moreTag: Jack’s CAP
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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Bull Flag And Retest
[vc_row][vc_column][vc_column_text]I'm hoping all of you saw the bull flag channel on SPX that I posted on my twitter feed on Wednesday morning. Obviously that has played out and delivered a new high on SPX on Friday. So what now? Well this is another inflection point of course, I'm expecting a reversal into a larger retracement...
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Three Taps and A Punch
[vc_row][vc_column][vc_column_text]After my post on Friday, SPX spiked up into the trendline I had posted on the SPX hourly chart, and that was the very nice rising wedge resistance trendline from the March 2020 low. That high was retested this morning, the level was respected and weak hourly RSI 14 and RSI 5 sell signals have...
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Cloudbusting
[vc_row][vc_column][vc_column_text]I've dropped out of sight for a while, apart from my usual work at theartofchart.net, and my apologies for that. My divorce has been playing out in the background and I've been finding that rather depressing. Hopefully in a few months it will be finished and I will be free to move on to a...
read moreTag: Jack’s CAP
Likely Bull Flags Forming
[vc_row][vc_column][vc_column_text]My last post was a couple of weeks ago now and in that time the retracement that I was expecting has been playing out, though the main target, rising support from the March low, now in the 3745 area, has not yet been tested, and may well not be before we see a high retest....
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