One way of looking at markets is as a succession of inflection points or probability forks, at which there are generally a higher and lower probability option which, once taken, take the markets to the next in that series, either eliminating or significantly changing the paths not taken at that inflection point. We've been looking...
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X Marks The (Ideal) Spot
Before the open this morning I was cautiously predicting that ES would rally today to a higher high than yesterday, ideally failing today at a high in the 2865-9 area. As it happened the low of the day was happening at the time on ES, slightly before the RTH open, and ES is now testing...
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The Battles Of The Band
On Thursday before I wrote my post SPX went a few handles below the daily 3sd lower band, and as I'd generally expect we saw a strong rally from there. On Friday, somewhat to my surprise SPX again went a few handles below the daily 3sd lower band, and we then saw an even stronger...
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Taking Stock Here
Last week I was looking at support that needed to be broken at the SPX daily middle band to open further downside and obviously SPX did that and could be at or close to the wave A low here, looking then for a B wave rally, and then a C wave down into the next...
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Important Support Breaks
Since my post a week ago SPX has retested the all time high as expected and made a marginal higher high, the rising wedge from the December low has broken down, the second daily RSI 5 sell signal since the December low has fixed, the first having played out into the March low, SPX has...
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The SPX All Time High Retest
At the end of every year Stan and I do a public webinar where we look at the more likely options for price moves on indices, bonds, forex, metals, energies and other commodities over the coming year. At the one we recorded on 30th December 2018 we were asked a question as to what could...
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Topping Is A Process
In my premarket video this morning I was looking at key support and resistance to define what we were likely to see on SPX this week. Resistance I put at the new weekly pivot at 2907.7. ES was opening the week below this and if that held as resistance, then this swing high might be...
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Roll On The Weekend
SPX has spent the week inching through the topping process, with some progress particularly yesterday and today. Yet another higher high may be needed, as I was suggesting in my premarket video this morning. That is below with an update on ES and the usual 21 other futures charts. Full Premarket Video from theartofchart.net - Updates on...
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Stick A Fork In It
On Tuesday I was talking about the likely outcomes if SPX/ES managed either to convert the weekly pivot (2879.50) to resistance or failed in that attempt, and the likely outcome in the event that WP held as support was a full retest of the swing high and likely marginal higher high. WP held as support...
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Looking At Support Levels
This really is one of the most nicely formed trendline highs on SPX/ES here that I've seen in a while and, so far at least, trendline resistance is holding like a champ. As long as that remains the case we should either be starting the first swing down now or, if the weekly pivot on...
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