SPX didn’t quite make the ATH retest I wanted on Friday and delivered it this morning with a gap through channel resistance. Channels don’t overthrow so that is a clear resistance break and opens higher targets. SPX 60min chart:
On the daily chart the retracement on NYMO has opened up some some on the falling channel there and I have a possible resistance trendline in the 2380 area that I’ll be watching if SPX pushes higher. Bottom line here is that SPX is on day 8 of a daily upper band ride and there’s no obvious reason right now to think that is ending here. SPX daily chart:
The ES support trendline I was looking at this morning has held and I have a possible matching resistance trendline currently in the 2374/5 area. ES Mar 60min chart:
NQ wedge resistance is now in the 5359 area. A possible 60min sell signal is now brewing. NQ Mar 60min chart:
TF has now done the full ATH retest and has made a marginal new ATH. Solid trendline resistance is now in the 1417 area. TF Mar 60min chart:
Looking at the Big Five tickers over the weekend there were three obvious targets above that looked as though they needed to be hit. AAPL needed an ATH retest, done this morning, there was a short term IHS on TSLA that made target this morning, and a triangle is forming on FB that likely delivers an ATH retest there. FB has barely moved this morning so that still looks like unfinished business there, though there are 30% odds that that breaks down of course.
My working assumption at the time of writing is that ES/SPX is trend up today. No sign of weakness so far. If that’s right then next decent trendline resistance is in the 2375-80 area and that may be tested today.
