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.
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- 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 16 February 2018
Testing SPX Middle Band Resistance
I have a question for my beloved readers today and I'm hoping one of you has a good answer. I've teamed up with an options expert friend to run a directional options portfolio based main on futures options for the last three months, and we've been recording the (very impressive so far) trades and results on a spreadsheet. We'd like to move this onto a professional web based alternative that we can publish from. The setup needs to work with futures options, auto-update the options prices, and not be restricted to basic options strategies etc. Do any of you know a good way to do this? The winning reply gets three months free membership if we later launch this as a paid service, which is where this is probably heading.
Onto the equity indices. I was mentioning yesterday that the daily middle band on SPX would be an ideal target for this rally and that has been tested on both SPX and ES this morning. Some rejection there so far and it's possible that the rally high is in, though I'm sceptical about seeing a lot of downside in what remains of today, on an opex Friday, going into a three day weekend, so we'll see. Intraday Video from theartofchart.net - Update on ES, NQ and TF:
Here's the daily middle band test on SPX. Possible hourly RSI 5 sell signals are brewing on both SPX and RUT and one has fixed on NDX. SPX daily chart:
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