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Apologies for the late post again today but I have been battling a host of technical issues with Stockcharts, our web hosts at theartofchart.net, and sundry other issues. All sorted out or mostly but all very time consuming.
Not much to say on ES and SPX here. Volatility is definitely back, and they have been consolidating before what should soon be a push down into the obvious target area. Looking at ES that move may well have now started. ES Sep 60min chart:
It’s been a bit of a bumpy ride since Friday morning, which I can say because I am a master of the understatement, and SPX broke back over my 2148 resistance yesterday, but failed just under the monthly pivot test into a retest of Monday morning’s low today. SPX should continue down to at least my weekly punch stat minimum target at 2108, and really further into rising wedge support, currently in the 2090-5 area. SPX 60min chart:
Well the bears certainly found their car keys on Friday, and I was pleased to see (buffs fingernails modestly) that ES Dec closed exactly on the double top target at 2114.5 that I gave on Friday morning. So what now?
All charts today done for Trader Chart Service at theartofchart.net at the weekend.
Well obviously it seems very likely that this is the 4%+ retracement that I’ve been looking for and historically the absolute minimum target that I’d be looking for on SPX here would be a 3.9% retracement into 2108, with the current low at 2119. The obvious target for this move though remains rising support from the February low, currently in the 2090 area, and I’d be surprised if that wasn’t tested. Short term resistance is the daily lower band, currently at 2143 but dropping of course, and broken support at 2148. SPX daily chart: (more…)
I wasn’t planning a post here today but I have more time than I expected this morning, and I didn’t manage to do the AAPL post I was planning yesterday, so I’m going to combine them both into a single post here this morning.
I’m rolling into the December contract over the weekend, so if you’ve rolled already then I’ve put the spread between the September and December contracts on each of the ES, NQ & TF charts below. All three charts were done and posted last night for subscribers at theartofchart.net.
At the time of writing all the key support levels that I was looking for at the time I did these charts are being tested. ES has made the 61.8% fib retrace and is testing the monthly pivot at 2168 (2161.5 on ES Dec). NQ has made the double double target at 4783, and is now testing the monthly pivot at 4763 (4759 on NQ Dec). TF has made the obvious 38.2% fib retrace at 1249/50 (1245 on TF Dec). These are big support levels, and given the timing on the cycle windows I’m expecting a reversal back up to new highs here.
One thing that Stan and I are both bad at is drawing attention to our successes, as that feels like bragging, and we both know that good technical analysts are very prone to getting delusions of grandeur, which has a very negative (and often fatal) effect on the future quality of their work. We have no intention of going down that road ourselves.
However a certain degree of self-congratulation seems necessary for marketing purposes, so with some reluctance I’m going to be mentioning some current and past successes along with my equity index analysis today just to demonstrate what it is that we do at theartofchart.net. I’m going to be doing a post there later showing some seriously nice past calls on AAPL to promote our new Big Five (AAPL, AMZN, FB, NFLX, TSLA) chart service that we are launching at the moment, and if you’d like to attend the free public webinar that we are doing on Monday after the RTH close to promote that service then you can register for that here. We will be looking at the charts for all five in that free webinar. (more…)
