- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......
- CHARTISTS MUST PUT ALL BIAS ASIDE AND LET THE CHARTS DO THE TALKING OR WE'LL SEE ONLY WHAT WE WANT TO SEE
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Wednesday 8 May 2013

Drive-by Charts

I'm really not feeling at all well today so I'm going to post three charts and go back to bed.

SPX closed at the upper bollinger band for a third day yesterday, and if it does the same again today the target range is 1631-4. Daily middle bollinger band support is now at 1583:
Negative RSI divergence continues to build on the SPX 60min chart, but the obvious target area for this move  is around 1635, which could be reached today of course.
On ES I have support at the 50 hour MA in the 1615.50 area and rising support for the current move in the 1600 area. As with the SPX 60min negative divergence has been building all week:
The negative RSI divergence on the SPX and ES 60min charts is suggesting that we will see some retracement soon, and that might be a retest of broken resistance just under 1600 SPX. The ideal target area on SPX for this move is in the 1635 area though and another day of rising up the daily upper bollinger band could deliver that, so we might well see that hit before we see any retracement.
Posted by Springheel Jack at 08:04
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