Jack Chappell aka Springheel Jack - A Classical Trendline Chartist's View of Equities, Bonds, Forex and Commodities
- 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.
Thursday 11 January 2018
Resistance Trendlines
The little retracement yesterday made the targets on the 60min sell signals on ES and NQ, and denied SPX a record on the number of consecutive all time highs at the start of a year. However it is likely that in a week or so SPX will complete the longest ever period without a 5% retracement.
A decent three touch resistance trendline was established on ES on Monday, and I was looking for yesterday's retracement to establish a corresponding support trendline. That is now done and I have a working rising wedge on ES with wedge resistance now at 2775 if ES can clear Stan's resistance in the 2775 area. NQ and TF both also looking interesting and I cover all three in the video.
Intraday Video - Update on ES, NQ and TF:
Here is the rising wedge, and it's a decent pattern. We'll see how it does. Rising wedge support is now at 2749. ES Mar 60min chart:
Stan and I are doing a free educational webinar an hour after the close tonight at the theartofchart.net looking at translating technical analysis into profitable trades. If you'd like to attend you can register for that here.
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