- 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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Wednesday, 25 February 2015

Getting Close Now

SPX is approaching wedge resistance and broken trendline support, and those should intersect in the 2130 area tomorrow or Friday. Ideally the next short term high will be made there in that timeframe. I'm not expecting any overthrow because I'm expecting this high to retested and exceeded within a few weeks. That is when we may see an overthrow as SPX tests main resistance somewhere (by then) in the 2150-2200 area. SPX daily chart:
I was saying on Friday that most of my optic run charts from the last low didn't look cooked yet. That's no longer the case and these all now look ready to break down soon. Screen 3x 15min SPX INDU TRAN chart:
In the case of RUT we may well have already seen the high now, though it might crawl up a little further. Screen 3x 15min NDX RUT NYA chart:
Support is at yesterday's low at 2105.87 and the hourly 50 MA which is now at 2100.16. A break below yesterday's low would be a warning sign, and a break below the 50 hour MA should signal that the indices are have topped or are topping for now. If we see a hit of the 2125 to 2130 area today that would be a very attractive short entry. We may well see an early dip that gets bought.
Posted by Springheel Jack at 09:20
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