There has been a remarkable similarity on the patterns from last Friday’s low on all of ES, NQ and TF, with rising wedges forming, then breaking down. I was expecting consolidation to establish less steep support trendlines and in a remarkable convergence all three of those initial rising wedges evolved into perfect rising channel with the channel support trendlines established at the premarket spike down lows this morning. Will these make it back to channel resistance? Maybe yes, I look at options in the video below. Intraday Video from theartofchart.net – Update on ES, NQ and TF: (more…)
Slope of Hope Blog Posts
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Just Another Rally ……… Probably
I’m preparing a post putting a strong technical argument that the bull market from the 2009 low is not finished, and having a look at where SPX is likely to be within the structure of that bull market. The post may not be out until after the close tomorrow, but the video segment will be posted on our YouTube channel and I’ll be posting the link to that video on my twitter later today.
For today this is a nice rally from Friday’s low. Not expecting that to be the retracement low but there are fixed hourly RSI 14 buy signals that are not close to target and my lean would be that there is at least some more upside coming. Intraday Video from theartofchart.net – Update on ES, NQ and TF: (more…)
Another One Bites The Dust
In Chart Chat on Wednesday morning Stan and I were looking at the next support levels on SPX and my pick was triple support at rising support from the Feb 2016 low, and the 200dma and annual pivot levels at 2538/9, all a match with a retest of the ES globex low on Monday night. We were thinking that might well yield a bounce but that SPX would likely go lower afterwards. SPX tested that today, and is bouncing so far, but rising support from the February 2016 low is now broken, after that also broke on RUT on Tuesday morning. Both breaks are likely to follow through to the downside before this retracement is finished. Intraday Video from theartofchart.net – Update on ES, NQ and TF:
On To The Retest
ES made Stan’s target area 2700-40 for the rally and all three of ES, NQ and TF have turned back down towards likely retests of the retracement lows so far. There is still a possible case for high retests on these to make double tops to deliver that move, but I was only assigning a maximum one in three to that scenario on the video below, and the odds have reduced further since then. Intraday Video from theartofchart.net – Update on ES, NQ and TF:
A Significant Technical Break
Well that was interesting yesterday, and that was a really impressive move on equity indices that finally ended the longest trading period in SPX history without a 5% retracement. The mindless bullish euphoria has ended for the moment and overall we should be back in a more two way market environment for a while. In terms of this current move we may now have started a retracement to take us into April or May.
In the video below I’m looking at today’s rally. The obvious target on ES would be the 50% retracement in the 2700 area and Stan is looking at the 2700-40 area. After that the odds favor a retest of the overnight lows, which were of course well below yesterday’s RTH lows. Intraday Video from theartofchart.net – Update on ES, NQ and TF: (more…)
