Friday

Thursday

The market created a Bearish candle pattern. The Evening Doji Star has a high rate of preceding a bearish reversal.  If tomorrow closes lower this  would confirm the signal.

Assuming a bearish signal is given, then watch for support from the Tenkan Sen.  The Ichimoku remains bullish with only the Kijun Sen inside the Kumo.  This remains uncharted territory and I feel a bit less confident, but the you can see the levels of support in this Ichimoku chart and the weakness near 1800..

Today hit my target, but as I said this target was a bit uncertain.  It will be interesting to see if the market follows this cyan fork or what happens if it breaks.  Remember the Yellow fork has laid a strong path.

Sorry for being so uncertain.  All I can do is point out possible supports and signals.

Wednesday

I'm surprised nobody said anything about yesterday's post.  Anyhow there's some crazy stuff going down in the currency markets.  No you can't see it in the charts, but it's big.  I don't have a clue how this might affect the market, but then I'm a technician and so fundamentals are not part of my analysis.

Tuesday

The trend continues to be up after bouncing off the Blue 'Band of Interest'.  This range has proven to be a range of significant support.

In theory this cyan fork should continue to lead the market higher until symmetrical balance is achieved, but I don't feel confident. There is little to base my analysis on other than the path of these forks. The targets are weak Fibonacci projections.  The Ichimoku, and Candles appear bullish, but I find it difficult to believe the market's value reflects the real world economy.  Only the illuminati know.



 

Wednesday

Tuesday

Both forks appear complete.  A reversal could happen at any moment, but until the market clearly breaks out of the forks the trend is up.

Permabear I appreciate your question about where we will be in March, but I have historically been very bad at dates.  I use the forks to show resistance and support.  But if we assume the market is about to break below the 1733 level and reverse then I would say we should look at the Blue Trend Line for support.

I've been a permabear for a long time, but I've learned that the economy that I live in has nothing to do with the equities markets.  That bold Magenta Trend Line looked like a strong resistance level at one time, and it may become a support level, But the point is anticipating a reversal at that level was wrong even though it looked like a given slam dunk.  Until the forks are violated and validated by breaking Volume Support it is best to keep your powder dry.

Stochastics are suggesting an over bought condition, so it does seem reasonable to expect a reversal.

Monday

Break out above the range and following the path of the fork