Weekend Charts and Chat. 1/2 August, page-6

Hi @redbacka  (et all) ... Great weekend's summary there, RED. I was particularly interested in your comment(and observation) re: "Dragonfly Doji" Candlestick showing up on the Daily SP500 (physical/mother)chart.

"Last night's candle was a rare occurrence - a "dragonfly doji". That occurs when the opening price and closing price is about the same. In between, there is selling and then recovery. Such a candle is often a sign of a bearish reversal in the index when it occurs at the top of a trend. It needs downside confirmation in the next trading session.."

I have observed the same pattern on the Monthly SP500 E-mini Chart (its on a Weekly as well)... Same, same but no different likely scenario on that chart and to go with the other supporting 'warning' signals as shown on its chart below.



Interestingly, in most recent times(a week or so), there seems to be a drift apart of the sameness in the SP500(E-mini shown) and our own (CFD)XJO Futures. I'm showing this on their 4_hrly Charts. After basically 'mapping' out a similar Pitchfork pattern since the Mar.23rd lows we(XJO) seem to have gone "our separate ways". In fact, the 'XJO' chart last night closed down below its bottom tyne (after 1st breaking down in early trade yesterday) whereas the SP500(E-mini) has finished up near the ATH(for the 4th time?)and subsequently back above its median tyne. So, one market hints a Bearish move the other a Bullish move to follow. Which market is showing the correct general direction of equity markets because its rare for such a case to linger too long? I agree with your(Red's) notice ... Its the Apple's and Co. that is the difference. Here in OZ we only have 'natural apples' plus some big miners and banks that are the 'heaviest' market % participants and they are more in sync with the rest of the US and OZ market majors ... i.e., showing softness and vulnerability.

Interesting times ...

(CFD)SPI 4_Hourly Chart and Pattern(?)...



SP500(E-mini) 4_Hourly Chart ...



Alternative Potential Topping Pattern for the (CFD)SPI 4_Hourly ... If the SP500 Bullish signals proves to be the "bee-knees" ...