Waiting For A Break

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Yesterday opened and closed between the daily upper 2sd and 3sd upper bands, but that has changed today with the 2sd upper band established as resistance in the morning and afternoon. Today is day four of the daily upper band ride, which continues until a day when the daily 2sd upper band isn’t tested as resistance. SPX daily chart:

170427 SPX Daily

The rising channel on my SPX hourly chart still looks good. Rising channel support is now in the 2370 area and a break below would likely signal that this swing high has been made. SPX 60min chart:

170427 SPX 60min

The setup on ES is still in the balance, but a clear H&S formed yesterday and overnight and broke down this morning. That H&S has failed and if we see a break over the 2389/90 I mentioned in the notes before the open as the ideal high for that H&S right shoulder, then the clear target would be a retest of yesterday’s high. While that area is still holding as resistance though, it’s possible that the right shoulder is forming now, and that the H&S setup here is still in play. ES Jun 60min chart:

170427 Noon ES Jun 60min

ES, NQ and TF are all on 60min sell signals that fixed yesterday or this morning, with NDX and RUT still on daily RSI 14 sell signals. This setup could still very much resolve down, and on a break back below 2370 SPX this swing high might well be in.