Market Diary – Thursday Aug 18, 2016

Directional Bias For The Day: S&P 500 futures are drifting lower after making day’s high at 3:00 AM Odds are high for a sideways or a down day – break above 2182.75 will be a power-buy setup and bullish for the day On the 2-hour chart, S&P future broke above a short-term trend line on Wednesday but is retracing;Critical support levels for…

Market Diary – Wednesday Aug 17, 2016

Directional Bias For The Day: S&P 500 future is unchanged but the odds are high for a down day On 2-hour chart, S&P future is at a support level and has broken the uptrend line since August 2nd; on Tuesday it made a lower high but hasn’t made a lower low yet; Critical support levels for S&P 500 are 2175.72, 2172.00, and 2165.52 Critical…

Market Diary – Tuesday Aug 16, 2016

Directional Bias For The Day: S&P 500 future is edging lower and odds are high for a down or sideways day On 2-hour chart, S&P future is in a uptrend but is at the trend-line; it is still making higher highs and higher lows; Critical support levels for S&P 500 are 2186.22, 2182.28, and 2178.49 Critical resistance levels for S&P 500 are 2193.81, 2197.74…

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…

Market Diary – Friday Aug 12, 2016

Directional Bias For The Day: S&P 500 future was almost unchanged before 8:30 release of Retail Sales data but declined four points post data-release On daily charts, S&P future is in an uptrend; on 2-hour timeframe, it is in a rectangle trading range; on 30-minute, it broke below an uptrend line and made first lower high and lower low since…

Market Diary – Thursday Aug 11, 2016

Directional Bias For The Day: S&P 500 future is drifting higher; good chance of an up day On 2-hour timeframe, S&P 500 future is back in a rectangle trading range; it broke above one August 5th and then fell back into Wednesday before breaking above again in early Thursday trading Critical support levels for S&P 500 are 2172.00, 2168.79…

Market Diary – Wednesday August 10, 2016

Directional Bias For The Day: S&P 500 future is drifting higher, high On 30-minute, S&P 500 future is in a rectangle trading range Critical support levels for S&P 500 are 2178.61, 2173.62 and 2168.63 Critical resistance levels for S&P 500 are 2187.66, 2191.72 and 2195,78 Early morning futures price action is slightly to the upside; at 8:30 AM, S&P 500 future was up by +3.00,…

Here’s Looking At You, S&P 500

Long Term Still Looking Great On the monthly-timeframe, S&P 500 is on an ever extending up move. In the last twenty years, markets had two major melt-downs and two major tops excluding the current rally. These reversal points formed a nice looking rectangle trading box for the S& 500. The upper limit is bounded by the highs of…