SPX made the initial double top target at 2356/7 and the rally I was expecting from the target area is in progress. The obvious fib retrace targets are the 50% at 2379 and the 61.8% at 2385.50 and the 61.8% is a strong match with the ideal backtest target on the daily chart at the daily middle band, currently at 2386/7. SPX daily chart:
On the hourly chart an RSI 5 buy signal fixed this morning and the obvious backtest targets above are broken support at 2381/2 or the 50 hour MA, currently at 2391 but falling fast. SPX 60min chart:
The ES and NQ futures charts below were done before the open for Daily Video Service subscribers at theartofchart.net. If you are interested in trying our services a 30 day free trial is available here.
60min buy signals have now fixed on all of ES, NQ & TF and looking at those I like the target at the backtest of the daily middle band on SPX best as the target here. We’ll see. ES Jun 60min chart:
NQ Jun 60min chart:
TF Jun 60min chart:
The swing highs are likely in now but after this rally bears need to confirm with lower lows. The next big target area would be the test of the main double top support at 2322.
Stan and I are doing a free public webinar at theartofchart.net an hour after the close today looking at our Big Five Service stocks (AAPL, AMZN, FB, NFLX, TSLA), and if you’d like to attend then you can register for that on our May Free Webinars page. I would also note that this week’s edition of The Weekly Call is posted and that the model portfolio there is up 167% over the last six months, looking well on course to make our target minimum 200% return over the first year. That’s a free weekly service and if you trade futures I’d suggest adding it to your reading list.