justatrader
Short

.. and here's my SPX Chart

FX:SPX500   S&P 500 index of US listed shares
279 1 2
Can't help but publish my chart as well. This is basically an update to my analysis which I published on my site. http://bit.ly/1dM4txI

I think the correction is still due. What caught my attention was one of the mainstream media where someone mentioned about 1800 acting as a floor. While I don't see this level on my chart, it is a psychological level. For example, I liquidated my short position at 1800 (which in turn was a buy at 1800, if you get the drift).

1810 - 1820 has been a price magnet as you can see past candles leaving wicks esp             . at 1810 region. RVI             has been respecting the lines very well. If today closes a bit higher than 1800, then RVI             could pull back to the dashed lower trend line and this hit the main divergence line (goes along with the retracement theory) before pushing lower.

Targets come in at 1773 and the grand target at 1685 (but we'll come to that later). Play for next week would be to watch the charts (preferably H4) to catch any reversal candlestick patterns.

** But do be careful as Wednesday (29/01) is the famous FOMC statement (aka taper talk) and US advance GDP q/q
** Keep an eye out on Nikkei Index and how Asia opens on Monday

Good luck!!
Professional market analyst with a keen interest on futures. Love keeping an eye on the markets. Currencies, bonds, commodities. Combining technical analysis and the fundamentals. Contact me for more details.
timwest PRO
2 years ago
Excellent comments.
Reply
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