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Couldn't post any intraday charts on Thursday as TradingView kept stuffing up.
Anyway, time for the weekly check-in while the markets are closed:
On the monthly chart, we are above the March close. How high might we go? Nobody knows for sure, but the most recent completed monthly ATR was 494 XJO points and the H/L range for this month so far is 434, we could push a bit more in either direction and still be "average".
Weekly, another up week, bringing the number of consecutive up weeks to 3! We did clear the 2018 low and even hold it on a weekly basis, that's nice, but the more consecutive up weeks the higher the likelihood of a down week eventuating. The weekly close from the second week of March looks like it might be a point of interest to test this coming week so I included that on the chart:
On the daily, it was a pretty choppy week. That said, we did get a higher high and higher low based on 5 bar swing pattern. It also looks like there is a bear flag/ascending triangle type pattern unfolding. I just put some rough lines to highlight it, that would be a downward continuation pattern.
4 hourly to show the fib retrace from high => low. Even though I was bearish on the action on this chart last weekend, we held the 0.236 retrace and got to within a whisker of the 0.382 retrace at 5483. If you're bearish then 0.382, 0.5 and 0.618 retraces are all potential resistance to scale in into some shorts or offload longs into rallies.
Lastly the hourly, with trendlines that I've been drawing on the chart connecting swing highs/lows as they appear. These have been amazing at containing price action on touches, so I keep watching them.
Oh...as a bonus comment, I won't post the chart but the SPX has made it to 0.5 retrace of the crash. So that's a little relative strength indicator, we only made it to 0.382 in the same swing, much weaker.
Anyway, time for the weekly check-in while the markets are closed:
On the monthly chart, we are above the March close. How high might we go? Nobody knows for sure, but the most recent completed monthly ATR was 494 XJO points and the H/L range for this month so far is 434, we could push a bit more in either direction and still be "average".
Weekly, another up week, bringing the number of consecutive up weeks to 3! We did clear the 2018 low and even hold it on a weekly basis, that's nice, but the more consecutive up weeks the higher the likelihood of a down week eventuating. The weekly close from the second week of March looks like it might be a point of interest to test this coming week so I included that on the chart:
On the daily, it was a pretty choppy week. That said, we did get a higher high and higher low based on 5 bar swing pattern. It also looks like there is a bear flag/ascending triangle type pattern unfolding. I just put some rough lines to highlight it, that would be a downward continuation pattern.
4 hourly to show the fib retrace from high => low. Even though I was bearish on the action on this chart last weekend, we held the 0.236 retrace and got to within a whisker of the 0.382 retrace at 5483. If you're bearish then 0.382, 0.5 and 0.618 retraces are all potential resistance to scale in into some shorts or offload longs into rallies.
Lastly the hourly, with trendlines that I've been drawing on the chart connecting swing highs/lows as they appear. These have been amazing at containing price action on touches, so I keep watching them.
Oh...as a bonus comment, I won't post the chart but the SPX has made it to 0.5 retrace of the crash. So that's a little relative strength indicator, we only made it to 0.382 in the same swing, much weaker.