- 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.
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Tuesday, 1 August 2017

Quick Update

Just a quick update before I head out to dinner. 

The first trading day of the month generally leans strongly bullish, but as I mentioned on twitter last night, that's not the case in August, closing green about 33% historically and with SPX closing down five of the last six. 

ES has been trading mainly above the weekly pivot so far this week, but hasn't yet convincingly converted that to support yet. NQ and TF spent most of yesterday and all of today under their weekly pivots, and if ES/SPX retests the all time high to make the second high of a double top, that should be doable without either NQ or TF breaking back over their weekly pivots. I wouldn't be surprised to see that retest. 

Tomorrow and Thursday are cycle trend days, and if we are going to see the obvious next leg down, then it makes sense it would be then. 

On RUT the rising wedge has broken and broken double top support has been backtested perfectly. The double top target is at 1410. I'd note that an hourly RSI 5 buy signal has fixed and RUT needs to start the next leg down soon. RUT 60min chart: 
If SPX can convert the 50 hour MA to support then that opens the way for a possible all timed high retest. If seen I'd expect that to be the second high of a small double top that on a subsequent break down would look for the 2435 area. SPX 60min chart: 
AAPL is reporting earnings after the close tonight and if that delivers a retest of the all time high on AAPL that would improve the high there. 

Stan and I are doing our monthly free public Chart Chat at theartofchart.net at 4pm EST on Sunday, and if you would like to see that you can register on our August Free Webinars page. This week's edition of The Weekly Call is posted and the model portfolio there is up 170% in the seven months to June 23rd, obviously well on course to make our target minimum 200% return over the first year. As and when that target is reached we're thinking of making the strategy there a bit less conservative. That's a free weekly service and if you trade futures I'd suggest adding it to your reading list.
Posted by Springheel Jack at 13:55
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