Backtest

I'm feeling much improved today, which is a great relief as I've really been feeling under the weather for almost the last two weeks. I'm expecting to have thrown this off entirely by Monday :-)

Stan and I did a free webinar looking at bollinger bands and RSI yesterday. The hour ran out quickly and we'll be following it up soon to add what we didn't have time to talk about yesterday. If you're interested you can see the recording of that webinar here, and much of what we are talking about on RSI you cannot see anywhere else, as Stan and I have developed or strongly refined ourselves most of the methods we are looking at. We also had some things to say about trends and TA that you will find interesting if you are at all interested in TA.

SPX bounced in the area that Stan and I identified in the morning, the expanded falling wedge I was looking for formed and then broke up, and at the time of writing SPX has retraced almost 38.2% of the move from 2020 to 1908. I'm favoring a bit higher before a failure into a lower low under yesterday's low, and the important resistance levels today for me are as follows:

1. 1945 - 5 day MA (daily closing resistance)
2. 1949 - Last significant high
3. 1952 - 38.2% fib retracement
4. 1956 - Daily middle band (daily closing resistance)
5. 1960 - 50 hour MA
6. 1965 - 50% fib retracement
7. 1971 - 100 week MA
8. 1978 - 61.8% fib retracement
9. 2000 - Main falling channel resistance

Somewhere in the 1949-78 range I'm looking for a reversal into a move that should then test the 1867 low on SPX and most likely break it. SPX 60min chart:

Is the opening high going to hold today? Very possibly as that was a perfect retest of broken rising support on ES from yesterday's low. I would ideally like to see a retest of the globex high in the 1960 (SPX) area this morning but that may not happen. ES 5min chart:

TGIF! Everyone have a great weekend :-)