Looking at the shorter term charts there are some signs that we might see a retracement, though with Fed tomorrow any retracement may need to wait until then. There is a possible case for NQ to backtest the weekly pivot at 6344. Intraday Video – Update on ES, NQ and TF:
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Winter Is Here
A modest storm by US standards is passing over the UK. We have enough snow for a modest selection of snowballs, and I’m planning a quiet weekend in, relaxing while doing no more than an absolute maximum of seventy charts and three videos before Monday. I might light a nice coal fire if the snow lasts.
Intraday Video – Update on ES, NQ & TF:
When The Going Gets Tough
I’ve been struggling to get my morning posts out in recent months, and that’s because my workload at theartofchart.net is substantial and still growing. Every morning before the open I update and publish charts on nineteen different futures and forex instruments and record a premarket video looking at all of those. This must be my main priority.
A possible solution I am looking at is to clip the equity indices section from that premarket video, and post that with a chart or two before or near the open. This should allow me to get back to doing these free posts on indices every morning which I’d like. Trying that out today. Tell me what you think.
SPX is approaching channel support now in the 2621 area and that is a match with rising support on ES. I’d be surprised if that wasn’t tested and that could break at that test, though I’d prefer to see it hold. SPX 60min chart: (more…)
December Begins
After the spike up at the start of the week I noted the clear break over the previous wedge resistance on SPX, and mentioned that the next decent candidate trendline was in the 2650 area. That was a slightly low estimate as that trendline was tested at the high yesterday at 2657.74, rather sooner than I was expected. At the first test SPX has rejected from it. SPX daily chart:
Breaking Up Isn’t Hard To Do In 2017
Bears really haven’t made a significant impression on equity indices this year (Editor’s Note: no kidding…..….) and, statistically, there’s not much reason to think that might change in the last month of the year. One key trendline that I have been watching is the very decent looking rising wedge resistance from the 2016 low and that has broken up with some confidence today. That could still be a bearish overthrow, but that seems doubtful. More likely SPX is heading to test the next decent trendline option, currently in the 2650 area. SPX daily chart:
