SPX – Page 7 – The Art Of Chart

Tag: SPX

Back On The Three Day Rule

[vc_row][vc_column][vc_column_text]I was saying on Wednesday morning that the most important short term resistance was the 5dma, and we saw a break back over the 5dma at the close on Wednesday, so that put SPX back on the Three Day Rule. That means that in the event of a clear visual break (3 to 5 handles)...

Still Testing 3900

[vc_row][vc_column][vc_column_text]The rally from the first backtest of 3900 was over too fast to set up any possible possible divergence on the daily RSIs. That means that there are no possible daily RSI buy signals brewing on the US equity indices, and that is a strike in favor of the bears. The inflection point here remains...

Testing 3900

[vc_row][vc_column][vc_column_text]The H&S patterns from the rally highs that I was looking at a week ago all made their target areas yesterday and SPX is now testing important support at 3900. This area was significant on the way up in early 2021, and was then key support in May, resistance in June, and was broken as...

On The Road To 3910

[vc_row][vc_column][vc_column_text]In my post on Friday I was looking for a fail at the backtest of the 4200 SPX area, and a break down from the H&S patterns forming on the US equity indices and we saw that fail and all the H&S patterns broke down. None of those have yet made target. SPX has broken...

Backtesting 4200

[vc_row][vc_column][vc_column_text]I had my final divorce hearing this week and that is settled and done. It was a strange sight, lawyers really do strain at gnats and swallow camels. I do wonder how often anything resembling justice is seen in these places and whether, if seen, it happens by chance. I'm glad to be done with...

Broken Flags

[vc_row][vc_column][vc_column_text]I was looking at the equity indices on Sunday, and there were decent looking short term bull flags across the equity indices. These were a good indicator for a rally high retest next but they only break up about 70% of the time. The rest of the time they break down or evolve into larger...

Rolling Over

[vc_row][vc_column][vc_column_text]SPX has reached a peak of 9.57% over the 45dma on this run. That's likely to be the highest reading as the 45dma is now rising significantly every day, and has risen 40 handles this week. We should now see a retracement that reaches at least close to the 45dma, now at 3971, and may...

Air Getting Very Thin Here

[vc_row][vc_column][vc_column_text]I was talking on Friday about how every so often we see market moves that make no sense, but are technically sound, and go ahead and happen despite making no sense. I was calling these grey swans and as it happens there was a very good example of this that day. On my daily 45dma...

Grey Swans

[vc_row][vc_column][vc_column_text]I wanted to take an opportunity to take stock of where this rally is in relation to the possible all time high retests that I was talking about in my post on 14th June just before the 2022 low was made. I have done three main posts looking at this and a possible news background...

Still In The Inflection Point

[vc_row][vc_column][vc_column_text]If you missed our free public Chart Chat at theartofchart.net on Sunday then you can see the recording here or on our monthly free webinars page here. In that Chart Chat we were saying that a retest of the rally high was likely early this week, and we saw that yesterday. SPX has a daily...