NDX – Page 4 – The Art Of Chart

Tag: NDX

ChatGPT Apocalypse Postponed

[vc_row][vc_column][vc_column_text]I had been reading on and off for a month or so that ChatGPT had been forecasting a market crash on the Ides of March this year, and so was watching that with very mild interest yesterday to see whether this latest claimant to the Nostradamus throne might have any luck, but the day passed...

The Dove That Didn’t Coo

[vc_row][vc_column][vc_column_text]I was writing about the very attractive looking bull flag setups on SPX, NDX and IWM that are setting up possible tests of the February highs. We saw the retracement that I was expecting then but SPX has broken back below the weekly pivot at 4007 on the press conference yesterday by the Fed Chairman....

A Cluster Of Flags

[vc_row][vc_column][vc_column_text]Support has been tested hard over the last couple of weeks on SPX, and the week before last there was a potentially interesting break below the 50 week moving average, currently at 4002, and then a test of the weekly middle band, now at 3960. Had SPX managed to close last week again below the...

Rallying From Major Support

[vc_row][vc_column][vc_column_text]We saw the breakdown on SPX that I was warning about on my last post, and so far SPX is finding support in the 4000 area, which is the obvious support level as there is an intersection of decent support levels here. There are hourly buy signals fixed overnight on all of the six equity...

Possible Break Down Starting

[vc_row][vc_column][vc_column_text]I was hoping that SPX would go higher and test a possible resistance trendline in the 4300 area and that is still possible, but reviewing the charts over the weekend there is a strong possibility that SPX is about to break down. So far the high is a near perfect backtest of the monthly middle...

Very Important Resistance Area Here

[vc_row][vc_column][vc_column_text]The possible H&S I was looking at on Friday morning didn't form and the move to retest the prior high has done some interesting technical damage to the bear case, so I wanted to have a look at that this morning. The SPX hourly chart below shows the break over declining resistance from the all...

Testing The 2022 Low

[vc_row][vc_column][vc_column_text]Last week I was looking for a new low on SPX for 2022 and we've seen that week. I was also wondering about a possible rally after that and SPX has been setting up nicely for that rally, even with news this week that has mainly been grim. Nonetheless it is a decent looking setup...

Approaching The Low Retest

[vc_row][vc_column][vc_column_text]I was saying in my premarket video on Monday morning that ideally what we would see this week is a rally on Mon/Tues, and then another leg down on Wednesday through Monday next week in line with the very bearish historical stats for these four days. So far that has delivered well, with FOMC on...

The Downside Is Strong In This One

[vc_row][vc_column][vc_column_text]I was saying in my post on Monday that a fail at the test of the daily middle band generally happens in one of two ways. The first way is the usual test and fail, and the second is a break above that is rejected the next day. Obviously SPX took the second option and...

Halfway Between The Gutter And The Stars

[vc_row][vc_column][vc_column_text]SPX rallied further on Friday to test the monthly pivot at 4078, and has been trading above it overnight. A string of decent quality double bottoms have broken up on the equity indices and if we are to see further upside then the next big resistance on SPX is at the daily middle band which...