It’s hard to develop a pattern structure without meaningful retracements. I have a perfect rising channel on NDX, but am looking skeptically at my best support trendline prospect on SPX, which would currently require a retracement to the 1950 area to confirm channel support. That’s an improvement on RUT where I don’t currently have any decent prospects at all for a support trendline. We should see a retracement soon to define these support trendlines and I’m surprised that equities managed to build up negative divergence for the majority of last week without that forcing a retracement.
SPX is still on hourly and 15min RSI 14 sell signals, and my best prospect for an SPX pattern here is shown below. SPX 60min chart:
