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.
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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 5 April 2019
So Here We Are Again
On Tuesday I was looking at the obvious resistance trendlines on SPX that might be hit this week in the 2885-2900 area and I've been watching those since. This morning they have been hit at 2891/2 with a possible hourly RSI 14 sell signal brewing, so this is an important inflection point and possible swing high area. I talked about that before the open this morning and this is the full version below of my premarket video also covering the usual wide array of future and forex instruments.
Full Premarket Video from theartofchart.net - Updates on ES, NQ, RTY, DAX, ESTX50, SPX, NDX, RUT, CL, NG, GC, SI, HG, ZB, KC, SB, CC, ZW, ZC, ZS, DX, EURUSD, USDJPY, USDCAD, AUDUSD:
On the 60min chart the rising wedge resistance hit is pattern resistance for the move up from the December low. We currently have a precise hit of the trendline but there is always a possibility of a bearish overthrow of course, so SPX could go a little higher. SPX 60min chart:
The hit on the smaller rising wedge resistance trendline from the 2722 low is equally precise, but equally could overthrow. SPX 15min chart:
In terms of negative divergence there are already SPX daily (weak) RSI 14, hourly RSI 5 and 15min RSI 14 sell signals fixed, with possible weekly RSI 5, hourly RSI 14 and 5min RSI 14 sell signals brewing here. This would be a great place to see the turn. we shall see. :-)
Stan and I are doing our monthly free public Chart Chat on Sunday afternoon. If you'd like to attend you can register for that on our April Free Webinars page. Everyone have a great weekend!
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