Jack Chappell aka Springheel Jack - A Classical Trendline Chartist's View of Equities, Bonds, Forex and Commodities
Tuesday, 26 February 2013
Support Areas
ES made a high yesterday with some negative 60min RSI divergence and that high was within the range for a decent double-top. The double-top target is at 1460. ES is rallying at the moment but it looks like a bear flag and I'm assuming more downside soon. There is no positive divergence on the 60min RSI to warn of any low and there's no reason to think that the double-top won't play out further. First resistance in the 1495 area at the double-top valley low and on a break above the 50 HMA is at 1503.75:
The ES double-top is mirrored on the SPX chart, where the target is 1465. There is possible support at rising support from the November low in the 1470-5 area:
Looking at the SPX multi-timeframe charts there are two obvious levels with decent support, and on the SPX daily chart they are represented by the 50 DMA at 1476, fitting with rising support from November, and the 100 DMA at 1446, fitting with the weekly middle bollinger band and broken resistance from the start of 2013. The obvious downside target is one or the other. The double-top target fits with the lower support level, and the stats for the weekly bollinger band slightly favor the higher. On the daily chart below you can see that SPX closed below the daily bollinger band yesterday and that favors a more two way action decline going forward from here:
On the weekly chart the middle bollinger band is now at 1448:
On other markets the double-bottom on TLT that I've been watching broke up and almost made target yesterday. The obvious upside target here in my view is the possible H&S neckline near 120.4 or the gap fill just above that:
CL made the little IHS target yesterday before the downtrend resumed. CL is now hitting significant support at the resistance zone for the Oct to Dec 2012 bottom:
EURUSD also resumed the downtrend there but instead of the EURUSD chart I'll look at the DX chart today for the bigger picture. There we can see that DX has broken up from the double-bottom that I have shown before, and has moved above the potential failure area just above the pattern trigger level. The target is the 2012 highs and I can see no reason to think that DX won't get there. The formed and failed H&S setup gives a higher probability in my view that the retest of the 2012 high will deliver the second high of a double-top:
As I have been mentioning, this recent high is only an interim high in my view and I'm expecting new post crash highs on SPX after this retracement. Most likely one of the two big support levels in the 1475 and 1450 SPX areas will hold, and on balance I slightly favor the lower target. For today I think ES is in a counter-trend bounce and the obvious failure levels for that bounce are 1495 and just over 1500 (ES).
Subscribe to:
Post Comments (Atom)
Usually, a brand new website takes about six months to one year
ReplyDeleteto appear in the SERPs of Google, assuming the service provider is worth their salt.
Once the number of back links will increase, web traffic flow will enhance.
Users normally tend to visit websites that are at the top
of this list as they perceive those to be more relevant to the query.
Out of those 6 keywords, further reduce the number of keywords.
Organic SEO uses valid and safe techniques to rank
your site for its keyword. Meta Name and Meta Description Tags are two of the important ones.
Domain Authority is influenced by:. Second tool for power suite is website auditor.
Isn't that something you and your business should be a part of. Over the years, web promotion has made a mark in the industry and has helped numerous entrepreneurs to build large business return through web. It is a sagacious process that has become even tougher with the continuous changes in the algorithm of the major search engines especially Google. However, in general, SEO services involve using standard and compliant coding. Moving your hosting to a nearby country such as Canada or an offshore Caribbean host may provide the same latency times, but reduce the risk of having your website brought down by a mistake. No - you name some of your images "breast. Learn from other people's mistakes and experiences rather
than destroying your own skills and wasting your time on experiments.
SEO defined. Have you been looking at your competitor's websites to see what kind of keywords they're using.
SEO content is a huge deal in today's online oriented business world. They are looking up the the keywords you did research on to find what they are looking for. This is more of an indirect way of getting direct traffic to your e - Bay store.
Review my web site http://rainbowswithinreach.blogspot.ca/2012/06/bulletin-boards-walls-classroom-doors.html
Also see my page - Highly recommended Web-site
Do not usе incοmρаtible cell ρhοne
ReplyDeletepеrcent sаіd the right age is someωherе betweеn 11- to 14-yеars-οld.
Feel fгee to νisit my рage ..
. dien thoai
For most of us today, these fears are becoming realities, and when
ReplyDeleteyou're too young to retire or have no funds to fall back on how do you reenter the workforce. Using Skype for business use is a great idea for many, however there are always cons to the use of anything that says it is free. This is to inform you that Acme Manufacturing will be going out of business on December 1, 2010.
Also visit my web-site; outdoor Ceiling fans
You can upload your poems and clever sayings to Caf.
ReplyDeleteAs the shopkeepers has placed their order at the time of its manufacturing.
This may sound obvious but when you sell a business it's more important to listen and ask questions than continually talk to try and 'sell' the business.
My site :: lunarstorm
Let's think of words that sound dirty but really aren't.
ReplyDeleteThen came the ultra-popular Arkham games, that place you, like
never before, into Batman's shoes as he skulks around and knocks hoodlums heads together (literaly). You can also customize the car including retractable hanggliders.
my homepage visit the following webpage
She is likely a WARRIOR PERSONALITY I talk about in the KWML Mastery Course on women, dating,
ReplyDeletelove, and friendship. they simply need to
learn that you will not be able to appease everyone
of your player-base. It fizzles as the lights go out, and she says it's been great talking to you.
Stop by my homepage kostenlos spielen
Why people still use to read news papers when in this technological world
ReplyDeleteall is presented on net?
Feel free to visit my web site ... http://www.youtube.com/watch?v=jLuC1nG5cPk
Greetings! I know this is kinda off topic but I was wondering if
ReplyDeleteyou knew where I could find a captcha plugin for my comment form?
I'm using the same blog platform as yours and I'm having problems finding one?
Thanks a lot!
Here is my homepage ... ways to make money online
Unlike most removable drives, a USB drive does not require rebooting after it's attached, does not require batteries or an external power supply, and is not platform dependent. Don't worry if you have difficulty
ReplyDeleteto bios setting, you can learn the detailed instructions of how to set computer boot from USB.
You simply plug them into your computer's USB port, and they will auto-run.
my web-site usb 16gb