Apologies for the late post today. I have had a very intense morning for one reason and another. I’ll just do a single chart post today as the setup on SPX here is straightforward.
Obviously the triangle broke up yesterday. SPX made a marginal new all time high and so on. I have a possible channel resistance trendline drawn in on the chart below that hasn’t been tested yet and may well hold. I have open 5min and 15min chart sell signals triggered at the highs yesterday and a rising wedge from the 2072 low. If we see weakness today there is obvious support at wedge support and broken triangle resistance in the 2110 area. On a break below there I would have main rising support in the 2080-5 area, but I’d be surprised to see a move there before a hit of rising channel resistance in the 2123-5 area. After that hit I’d be looking for a likely retracement to channel support before the next, and very possibly last, move up. SPX 15min chart:
I don’t believe that the SPX spring high is made but I would note that in the case of a hard fail here there is now a perfect double top setup on SPX. On a break back below rising support in the 2080-5 area the high could be in. Until then I’m looking higher into either the 2140-50 or 2170 areas to make that spring high.
Everyone have a great weekend 🙂