The Ghost Of Volatility Past

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Are the equity indices topping out here or not? I think yes, though likely just for a retracement before higher highs. SPX is retesting good trendline resistance, is on a strong daily RSI 5 / NYMO sell signal, and a daily RSI 14 sell signal is now brewing as well. Another retest of the all time high would establish possible nested double tops. Maybe. SPX daily chart:

171031 SPX Daily

NDX broke through initial channel resistance and is testing a slightly higher and better alternate channel option. NDX daily chart:

171031 NDX Daily

It’s hard to read the consolidation on RUT in recent days as anything other than a bull flag inviting a retest of the high, so that may be unfinished business above. RUT daily chart:

171031 RUT Daily

The ES, NQ and TF futures charts below were done 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.

A decent nested double tops setup on ES if the all time high is retested and rejected. If so a hard break below weekly pivot (marked) should set the downside ball rolling. ES Dec 60min chart:

171031 AM 1-EQI ES Dec 60min

NQ is already on a 60min sell signal and a 60min RSI 14 sell signal is brewing on NDX. NQ Dec 60min chart:

171031 AM 1-EQI NQ Dec 60min

Not much to say about TF other than this very much looks like a retracement / flag. If so the ATH should be retested before any reversal. TF Dec 60min chart:

171031 AM 1-EQI TF Dec 60min

If ES can break the all time high with any confidence then Stan has the next target in the 2610 area.

I’ll leave you with my favorite horror parody from YouTube. 🙂

Everyone have a great Halloween. 🙂

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