NDX – Page 6 – The Art Of Chart

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A Short But Winding Road

[vc_row][vc_column][vc_column_text]In my last post I was talking about the possibility of a triangle forming on SPX. That triangle arguably then finished wave D at the low that day and then broke down the next. Had that been a bear flag triangle then the target would then have been a retest of the 2022 low, but...

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...

The Evolving Markets

[vc_row][vc_column][vc_column_text]SPX didn't retest the retracement low on Tuesday and that blew the best chance to do that in the next few days. The stats for today through Tuesday lean modestly bullish, and fairly strongly bullish on Wednesday and Thursday. This doesn't mean that SPX has to close higher on all or indeed any of those...

After The Holiday

[vc_row][vc_column][vc_column_text]I hope everyone had a great Independence Day weekend. For some obscure historical reason that isn't a public holiday over here in the UK, but as I work US hours I had a very pleasant long weekend. I'm going to look at the short and longer term prospects for SPX here, and I'll start with...

Possible Break Back Down

[vc_row][vc_column][vc_column_text]I posted this chart on my twitter on Wednesday night with the comment that SPX was reaching an important short term inflection point where it might go directly into a retest of the current 2022 low. I said that the strongest kind of break would be a gap through the gap support highlighted in yellow...

Back On The Three Day Rule Again

[vc_row][vc_column][vc_column_text]Last week I was talking about a likely modest rally coming, which we have seen, and then a low retest, which we have not yet seen but I'm expecting to see this week. After that I'm thinking we may well see a much larger rally on SPX, and one thing I was waiting to see...

Testing The Middle Band

[vc_row][vc_column][vc_column_text]Yesterday's bearish historical stats delivered hard and broke the bull flag setups that I posted in the morning. SPX is now testing the 4000 area and, if that breaks, the next target will likely be a retest of the retracement low at 3810.32. I still like all the bull flags from the high here, but...

Consolidation

[vc_row][vc_column][vc_column_text]SPX has been consolidating for a few days now, and generally speaking a consolidation like this leans bullish. I gave the ideal target for this rally at the weekly middle band and that remains the case in my view. That is now in the 4294 area. SPX weekly chart:[/vc_column_text][vc_single_image image="130988" img_size="large" alignment="center" onclick="img_link_large"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]In the short...

Marking Time

[vc_row][vc_column][vc_column_text]In my last post a week ago I was talking about the prospects on SPX for testing the weekly middle band, currently at 4312, on this rally, with particular reference to the very historically bullish two first days of June, which were the last two days. Unfortunately for the bulls, these were both wasted in...

Oversold Bounce

[vc_row][vc_column][vc_column_text]On 5th July last year I was updating my SPX monthly chart and added a scenario for a retracement that I thought might take place in the next few months, and talked about that in webinars at theartofchart.net. On 6th August I then wrote a post about that scenario looking for a backtest of a...