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 .......
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I was looking at the topping setup here before the open, among other things. Full premarket video below including a very nice reversal setup on GC.
Full Premarket Video from theartofchart.net - Updates on ES, NQ, RTY, DAX, ESTX50, SPX, NDX, RUT, CL, NG, GC, SI, HG, ZB, KC, SB, CC, ZW, ZC, ZS, DX, EURUSD, USDJPY, USDCAD & AUDUSD:
On SPX there is an H&S formed that has completed forming since I capped this chart, though it has not yet broken down. What I was talking about in the video was the possibility that the H&S would break down with a target in the 2720 area, reaching an inflection point just above the monthly pivot at 2760, and rejecting from it into a retest of the rally high. Alternatively SPX breaks though 2760, converts it to resistance, and then continues down to the H&S target in the 2720 area.
SPX 60min chart:
Similar setup on on ES except that the H&S has already broken down slightly.
ES Mar 60min chart:
On the daily chart the full RSI 5 / NYMO sell signal should fix today until there is a strong rejection back up today. That would favor the 2720 target. I would also note that the 200dma is now at 2738.
SPX daily chart:
Stan and I did our free public Chart Chat on Sunday and if you missed that, the recording is posted on our March Free Webinars page.
I was making the argument before the open this morning that equity indices were so close to obvious resistance on NQ, RTY, DAX and ESTX50, that ES might well deliver a lower high this morning and fail hard there. So far that has delivered though this morning's high might need a retest.
Premarket Video from theartofchart.net - Update on ES, NQ, RTY, DAX, ESTX50, SPX, NDX, RUT, CL, NG, GC, SI, HG, ZB, DX:
If this morning's high area holds, where might SPX be headed next? Well if a bull flag is forming here to set up a high retest before a larger retracement, then the obvious next target would be the 2760s, with some established support in the 2760 area and a possible flag support trendline in that area.
SPX 60min:
Could the retracement go further? Yes, I'm looking particularly at the H&S on RUT, with a target in the 1540 area on a break down. That could be a match with the ES/SPX target area though. Bigger picture the setups, particularly on DAX and ESTX50 are suggesting lower than these levels soon.
RUT 60min:
Stan and I are doing our monthly free public Chart Chat on Sunday, looking at the usual wide range of equity indices, forex, bonds, metals and commodities. If you'd like to attend you can register for that on our March Free Webinars page. Be there or be unaware! :-)
