Obviously the rejection candle opportunity for bears yesterday was a one day only thing, and that day has passed. What we are seeing today is a decent little retracement that has a chance to grow into a larger backtest of the daily middle band. I’m talking about that on the video below: Intraday Video from theartofchart.net – Update on ES, NQ and TF:
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Breaking Over A Daily Middle Band – Day Two
SPX and RUT both broke with confidence over their daily middle bands on Friday and such a break is a two day process. Bears get a potential ‘Get Out Of Jail Free’ card the next day if they can deliver a rejection candle that closes back below the middle band, and bulls need to deliver a second close over the middle band to confirm the break up. With SPX at 2773 at the time of writing and the middle band at 2721 and, with an hour of the trading day remaining, I am fairly confident that there is going to be no rejection candle today. This opens higher targets including possible all time high retests on both SPX and RUT. NDX is already close to an ATH retest, which now looks likely. Intraday Video from theartofchart.net – Update on ES, NQ and TF: (more…)
Price Is King
Since I started posting on YouTube a few weeks ago we have doubled subscribers on our channel there to slightly under 500. I have calculated that if we can continue doubling subscribers every two months for the next three years then we can overtake the current biggest YouTube star, currently at about 80 million subscribers I think. I’m certain PewDiePie is watching our relentless march towards YouTube greatness with great concern. 🙂
On the video below I’m looking at the option that SPX breaks over daily middle band at the close today, something that is now looking likely. That would make a retest of the recent high at 2754.42 likely in my view, and unless we were to then see a rejection candle below the daily middle band on Monday, then we might well see continuation higher. That would suck but price makes these decisions, not analysts. Intraday Video from theartofchart.net – Update on ES, NQ and TF: (more…)
Still Testing SPX Middle Band Resistance
I try to post a full video once a week so I’m posting one today. If you’re just interested in the equity indices I cover those at the start of the video. Stan and I are doing two free webinars tonight, the first is on trade execution 30 minutes after the RTH close, and the second is on the big five stocks and sector ETFs an hour after the close. If you’d like to see either or both you can register for those on our February Free Webinars Page. Full Intraday Video from theartofchart.net – Update on ES, NQ and TF ….. and CL, NG, HG, GC, ZB, KC, SB, CC, ZW, DX, EURUSD, GBPUSD, USDJPY, USDCAD, AUDUSD and NZDUSD:
We Will All Go Together When We Go
I remember seeing the very talented satirist Tom Lehrer on his last world tour in the 1980s, ‘The Poisoning Pigeons In The Park’ tour. Today’s title is a small homage to one of my favorites in his repertoire, as well as a note that as and when equities are ready for the next leg down, all the main equity indices, and very possibly oil, are likely to participate. If you’d like to see the title song for this post you can see that here.
When that be? As soon as we see a break and conversion of the ES weekly pivot at 2703/4. I’m leaning towards to seeing a retest of Friday’s high before we see that happen. Intraday Video from theartofchart.net – Update on ES, NQ and TF: (more…)
