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I was expecting a modest retracement in my last post and we have seen one. I was looking at the setup on the premarket video today and there is a probable short term low here testing support at the ES weekly pivot, open gap support on SPX and the 50 hour MA. We should see a short term higher high next and that will likely be setting up a larger retracement to follow. That’s working out so far.
Partial Premarket Video from theartofchart.net – Update on ES, NQ:
SPX has now broken above both the June and March highs, and should be on the way back to retest the all time high. Short term though we are looking for a modest retracement before the next leg up. The short term ES channel support that I was looking at in the premarket video has now broken, the overnight high is being retested and there is a lot of negative RSI divergence. This retracement should be starting soon and last into the first half of next week. Partial Premarket Video from theartofchart.net – Update on ES, NQ: (more…)
My apologies for the intermittent posts lately. As some of you will know, it has been very busy at theartofchart.net recently with the launch of a major new service for us on 25th June, Paragon Options, a directional options service trading options on futures. We’ve put a lot of work into developing and launching this service, which as far as we are aware is entirely unique, trading options on the wide range of futures and forex instruments we cover in our other services. Almost all or all other options services focus on stocks and ETFs. The first month is going well, up about 5% in the first two weeks and two days so far, and workload should be easing off a bit soon, but it has been very busy. My posting schedule should be back to normal soon.
Since I last posted that the retracement low was likely in, SPX formed a decent quality IHS and that has broken up and reached target at a retest of the June high. In the short term ES/SPX is retracing and ideally we’d like to see a low made today or tomorrow in the 2760-5 ES area before this uptrend resumes. (more…)
We are doing our monthly free public Chart Chat on Sunday. If you’d like to attend you can sign up for that on our July Free Webinars page.
SPX reached the ideal 2680-2700 retracement low range and has rallied strongly from there with a 60min RSI 14 buy signal fixing this morning. The low isn’t definitely in yet, with resistance at the 50 hour MA and daily middle band above in the 2737 and 2756 areas respectively, but this is a very strong candidate low, with a decent double bottom setup here meaning that there would be no need to retest the low as part of a bottoming process. We’ll see how that goes. (more…)
We are doing the monthly free public Chart Chat on Sunday. If you’d like to attend then you can register for that on our July Free Webinars page. We are also running our annual July 4th weekend sale over the next few days, so over that period annual memberships purchased have four free months rather than the usual two. As with all our memberships, as long as the subscription is continuous, the subscription price will never be increased in the future.
After a slow start SPX is coming into the ideal low area 2680-2700 that Stan has been calling for the last few weeks. SPX is in the low window and we think that a low this week is likely. (more…)
