TF – The Art Of Chart

Tag: TF

Retest Interruptus

I was making the argument before the open this morning that equity indices were so close to obvious resistance on NQ, RTY, DAX and ESTX50, that ES might well deliver a lower high this morning and fail hard there. So far that has delivered though this morning's high might need a retest. Premarket Video from theartofchart.net -...

A Bull Flag Megaphone Taking Shape

Apologies for the lack of updates this week. It has been extremely busy. I should be back on a more normal schedule next week. Stan and I are doing our monthly free public webinar on FAANG stocks and key sectors tonight, and if you'd like to attend you can register for that on our June Free...

An Uncertain Decline Is Often A Bull Flag Forming

The SPX 60min RSI 14 sell signal that fixed early this week is still open, there is another on NDX and one is brewing on RUT. Furthermore there are now possible daily sell signals brewing on both NDX and RUT, and if SPX retests the June high then there will also be one brewing on...

Downside Potential Here

SPX is at a potentially significant inflection point here, with a setup for a possible sharp retracement. SPX has broken down from a short term rising wedge and formed a possible double top. A possible hourly RSI 14 sell signal is brewing and the obvious first downside target on SPX in the event of a...

Filling The Island Top Gap – Take Three

We did our monthly free public Chart Chat yesterday and, if you missed that, you can see the recording posted on our June Free Webinars page. ES/SPX has been forming a likely large bull flag over most of the last month, and the flag pattern is the unusual and very poorly named broadening formation, right angled and...

Testing Double Top Support

Interesting setup on SPX here as the holiday week begins. SPX is now testing the larger double top support that I was looking at last week and has broken slightly below double top support at the open. From here there are only two high probability options. The first option is that SPX continues down towards...

Still Minding The Gap

SPX is still testing the open island top gap from the March rally high, and that has been solid resistance so far. My lean is that SPX will likely break up through that within a day or two, but there is now a clear alternate downside scenario shown on the SPX hourly chart below. Partial...

Mind The (Island Top) Gap

I was concerned on Thursday that SPX would fail to do the obvious second leg down on the likely overall bull flag forming here, and in all likelihood SPX has now broken up from that bull flag. Confirmation that SPX is going up directly comes on a fill of the open island top gap from...

The Ghost of 2017

What is likely happening here is that SPX is doing an ABC retracement while forming a bull flag to go higher. Wave A was the first leg down and wave B was likely the rally into the lower high that we have seen so far. What we should see next is the C leg down...

The Backtest Before The Retest

A couple of announcements today. We did our monthly public Chart Chat on Sunday and if you missed that you can see the recording on our May Free Webinars page. We are doing a free webinar on Thursday after the close looking at our new directional Paragon Options service trading options on futures, and if you'd like...