60-minute P&F charts provide a nice medium-term perspective on broad market movements. This S&P 500 chart is based on 5-points per box and a 3-box reversal. Notice that it extends back to June and shows three big price swings. After the January surge, $SPX consolidated in February and broke out in March. The light blue line is the short-term bullish support line marking support around 1500.
Click this image for a live chart
Click this image for a live chart
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
Learn More
