SPX inched a little higher to 1986 yesterday and there is a very possible fail area just a little higher. The main target level I've been looking at for this move is the 61.8% fib retracement in the 2000 area, and slightly below that I have possible rising wedge resistance, the daily upper band and the weekly middle band, all in the 1995 area at the close yesterday. There is a lot of negative divergence on SPX and ES here and we may well see a fail in that area. SPX daily chart:
On ES I have possible wedge resistance now in the 1994 area which is a match with this 1995-200 resistance zone on SPX. ES Mar 60min chart:
Today is a cycle trend day, which means that there are 70% odds that the day will be dominated either by buyers or sellers. This doesn't need to be a full trend day if seen, but often would be. If we are to see a failure in the 1995-2000 SPX area then we might well see an AM high there and then selling for the rest of the day. If the bulls can deliver a trend up day today then the targets above 2000 are the weekly 100 MA at 2011 and the 200dma at 2025. If bulls can convert the 200dma to support then the IHS target at 2082 would become the next main upside target here.
- 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.
- 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.
No comments:
Post a Comment