S&P Breaks Out of Multiple Chart Patterns

On Monday August 15, 2016, S&P 500 future broke out to the upside from a constellation of bullish patterns on intraday charts. Let’s take a look. First Rectangle Trading Box The first pattern on the 2-hour chart is a rectangle trading range. This range is shown by the lines ‘A’ and ‘B’ in the chart. Following better than expected…

Market Diary – Monday Aug 15, 2016

Directional Bias For The Day: S&P 500 future was drifting higher and odds are high for an up day On daily charts, S&P future is in a uptrend; on 2-hour timeframe, it is at the upper limit of a rectangle trading range and attempting to break above it; Critical support levels for S&P 500 are 2179.42, 2176.39, and 2173.36 Critical…