Looking for an AM low this morning before ideally a push up to retest the Sunday night globex high on ES, target area on SPX for that would be 2407/8 area. I’ve been looking at the important short term support levels on SPX and they are the 5dma currently at 2393.5, short term rising channel support currently in the 2392.5 area, and the 50 hour MA currently in the 2389.50 area. My lean is that none of these levels are likely to be broken before the Sunday night high is retested. If the short term rising channel breaks then my working assumption would be that SPX has moved into a topping process for a swing high that should last a few months. SPX 60min chart:
Looking at the trendline support setup the short term channel support is in the 2392.50 area as I said, then rising megaphone support from the Nov ’16 low is now in the 2368 area and rising wedge support from the February ’16 low is now in the 2265 area. Not shown on this chart is the main rising wedge support from the March 2009 low, currently in the 1950 area and a possible target from the swing high that Stan and I are expecting here. SPX daily chart:
The ES and NQ futures charts below were done before the open for Daily Video Service subscribers at theartofchart.net. The TF chart was done shortly after the RTH open. If you are interested in trying our services a 30 day free trial is available here.
On ES I’m wondering about a rising wedge with rising wedge support currently in the 2387.50 area. That looks too low but is a possible target on a break below weekly pivot at 2391.25. ES Jun 60min chart:
On NQ I was wondering about a possible break down from rising channel support there, currently in the 5655 area, but NQ is pulling away from that nicely now so that no longer looks imminent. As will the SPX rising channel, a decent break below likely puts NQ in the topping process for this swing high. NQ Jun 60min chart:
I’m wondering whether TF has the legs for much upside from here, but I still have a decent looking target in the 1407 area on TF/RUT, and the gateway to that target is a break over weekly pivot at 1395.20, and conversion of WP to support. TF will have to answer that question today or tomorrow. TF Jun 60min chart:
It’s been a few days since I’ve posted one of the premarket videos that I do every day for Daily Video Service subscribers at theartofchart.net, so I posted one on my twitter earlier and you can see that video here. I was looking at a possibly excessive 19 futures and forex instruments this morning, and if you would like to skip to your area of interest I reviewed the charts in the following order – ES, NQ, TF, DX, CL, NG, GC, ZB, HG, KC, SB, CC, ZW, EURUSD, GBPUSD, USDJPY, AUDUSD, NZDUSD and USDCAD. The forex pairs are a temporary addition while Stan and I are working up a possible new forex service. Trade safe! 🙂