SPX closed Friday at a decent looking support level but when I was looking at the SPX, RUT & NDX charts over the weekend it was pretty obvious that the bulls were going to have their work cut out for them today. Below are the SPX and RUT charts I posted for Trader Chart Service subscribers at theartofchart.net yesterday. I haven’t changed the text but price has been updated and I’ve removed the gap that was filled on SPX at the open this morning.
You can see that SPX has broken below the rising megaphone support that I was looking at as a target on Friday morning. SPX 15min chart:
On RUT rising megaphone support is now in the 1241 area and I’m looking for possible support there. RUT 15min chart:
Pre Market video for Daily Video Service subscribers at theartofchart.net – I’m posting these publicly every day for the remainder of September as a promo. The direct link to that is here.
Stan and I are looking higher after this retracement, and at the time of writing a 60min buy signal has fixed on TF, and 60min buy signals are brewing on both ES and NQ. On SPX buy signals are also brewing on the hourly RSI 5 and the 15min SI 14 and a buy signal has already fixed on the 5min RSI 14. SPX might go a bit lower but the odds of a reversal back up soon look high.
Stan and I are doing an educational webinar after the close on Thursday. This is free, as they all are actually, and the subject of this one is ‘Setups Entries and Exits – Learn how to make money in trading, even when you are wrong’. If you’d like to attend then you can sign up for that here.
