SPX – Page 9 – The Art Of Chart

Tag: SPX

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...

Blood In The Streets

[vc_row][vc_column][vc_column_text]I wanted to talk a bit this morning about big highs and lows on SPX. Obviously the economy may well be going into recession, interest rates will likely rise a lot further over coming years, and that has to happen really because examples in history where inflation has been brought under control without interest rates...

Through A Glass Darkly

[vc_row][vc_column][vc_column_text]SPX broke down and has retested the retracement low, as have NDX and Dow as well, but not yet IWM. This brings SPX and the other US indices to the key inflection point this year, where we see whether the move so far this year has been the formation of large bull flags setting up...

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...

Holiday Rally Setup

[vc_row][vc_column][vc_column_text]SPX closed below the main SPX support/resistance trendline at the end of last week. This trendline has broken twice since 2009, and both times SPX followed through hard. In 2011 SPX broke very hard through it and never broke back over it until until 2020. In 2020 SPX broke over it, then closed the next...

SPX Breaks Main Support Trendline

[vc_row][vc_column][vc_column_text]I was disappointed to see SPX close well below the main support and resistance trendline on Friday. This has only happened twice since the start of 2009, and on both occasions SPX followed through the break with force. Two instances is somewhat less than a statistically significant sample, but further downside is now undoubtedly open,...

Retest Interruptus

[vc_row][vc_column][vc_column_text]After the low last week very decent quality IHS patterns formed on SPX, NDX, IWM and Dow and broke up this week. They all failed, setting up targets at the retest of last week's lows, which would generally all be reached, so the fact that only Dow has delivered that retest so far tells us...

Decent Looking Candidate Low

[vc_row][vc_column][vc_column_text]SPX rallied hard on Friday and so closed back well above my retracement target support trendline, so that has held on a weekly basis and may still hold as the retracement low here. So how is this low looking as a possible retracement low? The first thing to say that my possible very bullish scenario...