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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Monday 5 March 2018
Rally Ending?
The hourly buy signals on ES, NQ, SPX and NDX all reached target today and the RSI 5 buy signal on RUT has reached target as well. Only the hourly RSI 14 buy signal on RUT hasn't yet reached target and that is weakened by fixing at the same time as the RSI 5 buy signal that has reached target. ES and SPX both had pattern targets in the 2725 area that have been reached, NDX/NQ and RUT/TF have reached minimum targets but could go a little higher on their reversal patterns.
We are expecting this to just be a rally before new 2018 lows and the next reversal back down should start soon, though very possibly from higher and not necessarily from a high made today. Intraday Video from theartofchart.net - Update on ES, NQ and TF:
There are possible sell signals brewing on the 15min charts here, but nothing on the 60min charts so far. SPX 15min chart:
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