SPX – Page 8 – The Art Of Chart

Tag: SPX

In The Inflection Point

[vc_row][vc_column][vc_column_text]In my last post on Tuesday I was talking about ideally seeing a higher high on this rally to set up divergence and we have since seen that on SPX, NDX and IWM. That has set possible daily RSI 5 and hourly RSI 14 sell signals brewing on SPX and brought SPX closer to the...

Testing Main Resistance

[vc_row][vc_column][vc_column_text]When I started to write about the prospects for a decent rally on the 17th and 22nd June I was somewhat apologetic about even suggesting that a rally might be possible, as the background looked so grim and people were so relentlessly bearish. I was looking for strong rallies on the US equity indices and...

Retesting The Upper Band

[vc_row][vc_column][vc_column_text]This is likely my only post this week, as I was wiped out by food poisoning on Sunday night, and while I'm feeling much recovered, my total food consumption so far this week is one hard boiled egg, a tortilla wrap, some houmous to go with the wrap and half a cookie, which is slim...

Testing 4000

[vc_row][vc_column][vc_column_text]Last weekend I was looking at the higher probability bear flag formation options on SPX and was looking at the resistance trendline on the chart below as the highest quality bear flag resistance trendline. That's in the 4050 area now, having eliminating the triangle option in the move up this week, and SPX successfully negotiated...

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...

Rally Testing Second Resistance

[vc_row][vc_column][vc_column_text]Daily RSI 5 buy signals have fixed across the board on SPX (weak), NDX (full), IWM (full) and Dow (weak), so it is possible that the rally may extend significantly further without a low retest. There are also fixed hourly RSI 14 buy signals fixed on all four and none of those have yet made...