Coming Off The Lows

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A decent rally yesterday that took SPX back into a retest of the 50 hour MA as resistance. That’s currently at 2349/50 and supported by the daily middle band at 2352 and the 50dma at 2354. The current SPX low is at a possible triangle support trendline and if that resistance zone can be broken then declining resistance from the high and possible triangle resistance is currently in the 2372-4 area.

SPX 60min chart:

170418 SPX 60min

SPX daily chart:

170418 SPX Daily

The futures charts are from before the open and were prepared for my premarket video for Daily Video Service subscribers at theartofchart.net. I posted that video on my twitter this morning and you can see that here.

A weak 60min sell signal fixed on ES overnight and the key support/resistance level is the weekly pivot at 2338.25, which bulls need to convert to support to go higher. ES Jun 60min chart:

170418 AM ES Jun 60min

A weak 60min sell signal also fixed on NQ overnight and again NQ has so far failed to convert the weekly pivot at 5383 to support. NQ hasn’t been much below it so far today though. NQ Jun 60min chart:

170418 AM NQ Jun 60min

TF has been the weakest so far today, which is encouraging for bears, and is well below the weekly pivot at 1354.40 there. TF Jun 60min chart:

170418 AM TF Jun 60min

I was mentioning last week that the historical stats for this week were impressively bullish and yesterday delivered on that. The remaining days this week all lean over 60% bullish into April expiry on Friday. The trend is down until demonstrated otherwise, but shorts should be wary.

Stan and I are doing a free public educational webinar on risk management an hour after the close on Thursday at theartofchart.net and if you’d like to attend you can register for that here. On the same page is the webinar we did last Thursday on our Big Five stocks, AAPL, AMZN, FB, NFLX & TSLA, which is well worth watching if you ever trade any of those.

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