SPX – Page 3 – The Art Of Chart

Tag: SPX

The Road Less Travelled

[vc_row][vc_column][vc_column_text]Two weeks ago I was looking at the stats for near misses of the 3sd daily upper band on SPX and looked at the twelve comparable instances going back to 2007. Eleven of those delivered some kind of short term high afterwards, so the odds leaned strongly towards that, but the other delivered a four...

Looking For A Short Term High

[vc_row][vc_column][vc_column_text]The high last Friday was only three handles below the close on the daily 3sd upper band, which is a rare event, so I did what I like to do with rare events, I looked back and crunched some numbers looking at previous examples. These are the stats I posted on Monday morning. There are...

Veni Vidi Vici

[vc_row][vc_column][vc_column_text]In my premarket video on Tuesday I was looking at the setup and the historical stats and, was saying that a consolidation was likely to start the week and, then we would see what the bulls could do with the very bullish historical stats on Thursday and Friday. Well, they came, they saw, and they...

A Tale Of Two Indices

[vc_row][vc_column][vc_column_text]A decent quality rising wedge has formed from the early March low, and that broke down last week. That could be a bullish underthrow of course or the wedge could be expanding. If wedge resistance is hit again today then at minimum I will assume the wedge has expanded, and redraw the wedge support trendline...

Back At Major Resistance

[vc_row][vc_column][vc_column_text]Well the bearish stats for Wednesday and Thursday this week did not deliver, which was remarkable yesterday as at the start of the day there were hourly sell signals fixed on all of ES, NQ, RTY & YM. That equities went up hard instead was an impressive show of strength, bringing SPX back up into...

Compression and NDX Patterns

[vc_row][vc_column][vc_column_text]SPX has been trading in a range and moving back and forth through the daily middle band, with strong established support in the 4100 area, but unable to convert it to convincing support or resistance. SPX daily BBs chart:[/vc_column_text][vc_single_image image="145445" img_size="large" alignment="center" onclick="img_link_large"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]NDX has led this rally, and already surpassed the previous highs. SPX has...

Indecision

[vc_row][vc_column][vc_column_text]A lot of indecision on the markets this week but on the bigger picture SPX remains under major resistance at the monthly middle band and the main support/resistance trendline. There is no obvious reason I can see to think that may break up now, but if bears fail to hold the short term resistance here...

Rolling Over

[vc_row][vc_column][vc_column_text]So far, the reversal at strong resistance at the monthly middle band and the main support/resistance trendline from the 2009 low is proceeding as expected. The next three weeks lean bearish, with strongly bearish leaning days Thursday 11th May, Wednesday & Thursday 17th & 18th May before we see the next strongly bullish leaning day...

A Decent Start

[vc_row][vc_column][vc_column_text]So far, the reversal at strong resistance at the monthly middle band and the main support/resistance trendline from the 2009 low is proceeding as expected. Monday was bullish as expected, there are high quality double tops formed on SPX/ES, NDX/NQ and INDU/YM. Yesterday there was a decent rejection from Monday's highs and today, leaning 61.9%...

Mayday

[vc_row][vc_column][vc_column_text]SPX broke up through the possible H&S setup on Friday and delivered a full retest of the April high, closing the month six handles under key resistance at the monthly middle band and testing the main support/resistance trendline from the 2009 low. So what now? Well, this is the main resistance that SPX has been...