Waiting Again

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It’s been a generally dull week, and since the bull flag on SPX made target with a new all time high there hasn’t been much movement in either direction. We are still ideally looking for another leg up into the 2509 area but the setup for that last leg up is starting to sour slightly, with hourly sell signals already fixed on ES and the SPX RSI 5. The move should really be in the next couple of days if we are going to see it without a significant retracement first. SPX 60min chart:

170914 SPX 60min

We are wondering about a possible all time high retest on RUT. There is still an open RSI 14 buy signal, but there is now also a possible RSI 5 sell signal brewing as well. RUT daily chart:

170914 RUT Daily

The ES, NQ and TF futures charts below were done an hour before the RTH open for Daily Video Service subscribers at theartofchart.net. If you are interested in trying our services a 30 day free trial is available here.

There is a very obvious target above on ES at rising wedge resistance, currently in the 2506 area and that’s a strong match with Stan’s 2509 target. ES Dec 60min chart:

170914 AM 1-EQI ES Dec 60min

The last remaining upside target is the bull flag target at the retest of the all time high on NQ at 6025. That should be hit before any significant reversal and there is a possible setup for a hard reversal there. NQ Dec 60min chart:

170914 AM 1-EQI NQ Dec 60min

I’ve drawn in the three best possible resistance trendline options on TF. The all time high retest there looks ambitious but might be doable. TF Dec 60min chart:170914 AM 1-EQI TF Dec 60min