I was saying yesterday that SPX was in an inflection point and the direction of the resolution was important, and the bears then immediately dropped the ball at the open to allow the cycle trend day to deliver a strong trend up day. This has brought SPX up to another inflection area in the 2040-50 range that was range support February through July last year, and that is being tested hard this morning. If bulls break through it that opens up the IHS target in the 2082 area and a possible retest of the all time high at 2134.
Very late post today as I was having engine trouble this morning and only got to my desk about an hour before the open. To keep any further delay to a minimum I’m going to use the seven futures charts that I posted for theartofchart.net subscribers this morning, and I like to post these here every so often in any case to give an update of where the other main instruments DX, CL, GC and ZB are, as I no longer cover these regularly on this blog. If you are trading DX, CL and ZB particularly I’d recommend that you have a careful look at the respective charts below. If you’d like to see these every morning you can subscribe to our daily video service (also including nightly video updates from Stan) on this page here.
ES Jun 60min chart:
NQ Jun 60min chart:
TF Jun 15min chart:
DX Jun 60min chart:
CL May 60min chart:
GC Mar 60min chart:
ZB Jun 60min chart:
Bears aren’t inspiring much confidence so far today, and if that continues into bulls converting 2050 SPX into support then this could squeeze quite a bit higher today. Until we see 2050 converted though, the setup and stats for days following trend days favor at least some retracement today, and that’s what I’m looking for today. We’ll see how that goes.
Stan and I, and also Mike Vacchi from www.princetontrader.com are doing a free educational webinar next Thursday on Trader Psychology – Pitfalls and Remedies, and that should be well worth attending. You can sign up for that on this page here. On the same page are also videos from the monthly public Chart Chat Stan and I did on March 6th and others that you might find of interest. Everyone have a great weekend 🙂
