The opening setup today on both SPX and NDX is close to ideal if we are going to see the swing high that Stan and I are expecting to see here. If that’s going to happen, the odds are decent that it will happen at marginal new highs on SPX and NDX today.
On SPX there is now a nicely formed RSI 5 / NYMO sell signal brewing. That will need some downside to fix the signal but I’m expecting that signal to take SPX on the first leg down on this expected multi-month retracement into the summer. SPX daily chart:
