I’m not well today as my daughter caught a nasty cold/flu bug at school and has successfully passed it on to me. This is a short post for today and I’ll do the same tomorrow. Looking at my daughter this week I’d expect to be largely recovered by Monday:
On the daily chart we now have a clear break over range resistance with the open this morning above that. The obvious targets now are a retest of the high at 2093.55 and the daily upper band at 2088.97, though that might well be in the same area as the all time high by the time that it is reached. SPX daily chart:
On the 15min chart I have a decent rising channel from the 1980.55 low and until that breaks down the short side here isn’t going to look particularly interesting. SPX 15min chart:
Obviously SPX is on the path to retest the highs that I was talking about on Monday morning on a break over range resistance. My lean here favors a test of the highs and failure there but if SPX can break the highs with confidence then I now have major resistance in the 2130-40 area. I’m not expecting a move to test that resistance yet but I’m definitely not ruling that out.
