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.
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Wednesday, 26 September 2018
FOMC Day
So far the scenario I was laying out on Friday has been playing out perfectly with the two red days at the start of this week, and SPX backtesting obvious trend support at the 50 hour MA twice. SPX didn't quite retest Monday's low yesterday, so the double bottom setup here isn't perfect but SPX may well resume the uptrend directly from here.
Full Premarket Video from theartofchart.net - Update on ES, NQ, CL, NG, GC, SI, HG, ZB, KC, SB, CC, ZW, ZC, ZS, DX, EURUSD, USDJPY, USDCAD, AUDUSD:
If SPX does go any lower, possibly on FOMC, then I'd note that gap support is at 2906/7 and rising wedge support and the daily middle band are both now at 2900 and, if tested, I'd expect support here. The historical stats for today and tomorrow are firmly bullish. SPX 60min chart:
We are doing our monthly free public FAANG and Key Sectors webinar tomorrow and hour after the RTH close and if you'd like to attend, you can register for that on our September Free Webinars page.
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