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.
Monday 20 August 2018
Be Here Now
That was an unsatisfyingly fast low last week with none of the usual bottoming signals, but it was a higher low against the early August low, and the break under the daily middle band on Wednesday was firmly rejected on Thursday and confirmed on Friday, with a decent quality bull flag channel on ES breaking up on Friday, so that flag has a minimum target at a retest of the previous high at 2863.43 SPX, and that puts SPX within easy striking distance of the all time high at 2872.87.
Main support on SPX is at the daily middle band now at 2835, supported by the 50 hour MA now at 2837, and the new ES weekly pivot at 2837.
Full Premarket Video from theartofchart.net - Update on ES, NQ, CL, NG, GC, SI, HG, ZB, KC, SB, CC, ZW, ZC, ZS, DX, EURUSD, USDJPY, USDCAD, AUDUSD:
Apart from the possible rising wedge resistance on ES that I look at in the video, the possible rising wedge resistance now at 2879 SPX, and possible channel resistance would now by slightly over 2900. SPX 60min chart:
We are looking for a possible backtest of the 2780 area after the next high, leaning towards a 2880 area target for that. We are looking for a more significant high in September/October that should respect main trendline resistance now in the 2950-70 area.
Stan and Suz are doing a webinar on Thursday on Options For Income, our options premium capture service, which has been doing very well, and if you'd like to attend you can register for that on our August Free Webinars page.
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