- 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
- This blog has a copy of all header posts that I publish anywhere, so that those interested in seeing what my thoughts are on the markets can find them easily.
- I will be answering questions and responding to comments, so feel free to respond to any posts and I will see your comment even if it is not on the most recent post.
- If you're interested in seeing any intraday charts I post, I do that on twitter, and my twitter handle is @shjackcharts.
- The charts in the posts are as large as I can practically make them. if you would like to look at one more closely, click on it, and the link will take you to a larger version at screencast. If you click on that again, you will get a full page version, and can use the resizing function on your browser to enlarge parts of interest further.

Friday 26 June 2015

Testing Key Support Hard

The bears turned in a second consecutive very solid day yesterday, with a fail at the 50 hour MA in the morning and a close marginally under both the daily middle band and 100 day EMA. If bears can break the low yesterday by more than a couple of handles then that opens up an H&S target at 2085-8 and below that a test of channel support and the daily lower band in the 2078 area. SPX 60min chart:
SPX daily chart:
On the weekly chart there is very important closing support at the middle band in the 2098 area. a significant break below today would be extremely bearish, and likely confirmation that the intrayear high for 2015 is now in the rearview mirror. SPX weekly chart:
Bulls closed yesterday at the edge of a technical cliff, and on the gap fill and lower low at the open today they are in serious danger of falling off it. If we should see a rally today I have key resistance at the 50 hour MA in the 2115 area, and I'm doubtful about the bulls making any lasting break back over that from here.

The historical stats for today lean bullish and no theartofchart.net chart here today though I will be doing a post there later.
Posted by Springheel Jack at 09:52
Labels: , , , , ,

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)