- 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
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Friday 14 December 2018

Belt And Braces

SPX closed ten handles or so over the 5dma yesterday, so SPX is back on the Three Day Rule. If SPX should close back below the 5dma today or Monday then we should expect a retest of the last low at 2583.23 in the near future. At the moment the 5dma is at 2638 and SPX looks likely to close the day below it.

As it happens that would just confirm the bear flag rising wedge that has already broken down on ES with the same minimum target, so one way or the other that retest looks likely. At that point we could see the second low of a double bottom or continuation down towards the major support area below at 2530-40, the 2018 low and possible H&S neckline at 2532, and the annual pivot at 2538.

SPX 5dma chart:
ES Dec 60min chart:
Everyone have a great weekend. :-)
Posted by Springheel Jack at 14:56
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