On SPX this is day three of a daily upper band ride. The upper band is at 2096.92 at the moment and the current intraday high has already tested that. At the time of writing ES has broken over the resistance at the 2092.75 area that has held the last two days, and if that break is sustained I have a working breakout target at 2103.25 that may well be hit. ES Jun 60min chart:
NQ has been trickling up. As with ES and TF there is a fixed 60min sell signal but it’s possible that we won’t see any meaningful retracement until the double bottom target has been hit (target on the chart). NQ Jun 60min chart:
As with NQ, TF still has an open reversal pattern above, and a possible bull triangle forming at the time I capped the chart. TF Jun 60min chart:
Obviously the big new today is the Yellen speech at lunchtime. That may or may not have any interesting news in it. We’ll see. Today and Tuesday are bracketing a holiday weekend, so volume will be thin and that would generally favor the bulls. Unless there is a negative reaction to Yellen’s speech I’m not really looking for any meaningful retracement today. That said there is a lot of negative divergence and sell signals abound on the 60min and 15min charts. That mainly means that neither long or short looks particularly appealing here.
This weekend is a rarity for me as it is a holiday weekend in both the US and the UK. As the last day of the weekend is a big work day for me that means that I get two days off this weekend rather than one. I’m planning to catch up on sleep and the new series of Game of Thrones so I’ll be having an unusually relaxing weekend. I hope everyone has a great holiday weekend. 🙂
