After The Intermission

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Last week was an in-between week but the key support levels all held, and after the strong open this week SPX is now close to the bull flag target at the retest of the all time high. I show below that another bull flag channel has now also broken up on NQ, and I’m expecting an all time high retest there as well. SPX 60min chart:

170911 SPX 60min

We are looking for a continuation upwards on SPX ideally to a target in the 2509 area before a strong reversal from there but I would note the possible nested double tops setup forming on the NDX chart. We could see a hard fail at the third high of this possible nested double top, and I’ll be watching for that. NDX 60min chart:

170911 NDX 60min

The ES, NQ and TF futures charts below were done an hour before the RTH 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.

ES made the higher high into 2478 that I was looking at in the pre-market and went higher from there. ES Dec 60min chart:

170911 AM 1-EQI ES Dec 60min

The NQ bull flag channel that I was looking at this morning broke up and NQ is now close to a retest of the all time high. At the moment that looks like NQ is trailing SPX to that target slightly. NQ Dec 60min chart:

170911 AM 1-EQI NQ Dec 60min

TF has made the double bottom target at 1417/8. Likely to go higher I think though a retest of the all time high might be overambitious on this index. TF Sep 60min chart:

170911 AM 1-EQI TF Sep 60min

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