Yesterday started off as expected, but the move down stalled at the daily middle band, and then that held on repeated tests for the rest of the day. I was saying last night on the daily video update for subscribers at theartofchart.net that the support there three of the last four days was favoring a retest of the daily upper band at 2194/5 next, and that the possible H&S patterns forming on SPX, NDX & RUT were now much less likely to deliver. On a retest of the ATH, which we are seeing now, then I’d be looking for a marginal new all time high in the 2194-2200 range, that should not break the resistance trendline now at 2200. I would expect that marginal new high to be the swing high for the current move up, and for that to hold for three or four weeks. SPX daily chart:
I’m added the ES, NQ & TF charts that I posted for members at theartofchart.net this morning, and I have updated all of those to show the now likely double top setups rather than the H&S setups that had been forming. ES Sep 60min chart:
NQ Sep 60min chart:
TF Sep 60min chart:
SPX is now past the middle of Stan’s cycle high window and the setup is all there to make a decent swing high today. I’ll be looking for that 4%+ retracement from that high and then at least a retest of this high on the next swing up.
