Breaking Back Over The Daily Middle Band

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SPX broke back under the daily middle band on SPX on Tuesday, and confirmed the break below at the close yesterday. If SPX breaks back above the daily middle band today, as seems likely at the time of writing, then that will need a confirming close back above tomorrow.

I posted the key declining resistance levels on SPX and ES on my twitter this morning and they were in the 2662 and 2670 areas respectively. The break above today opens a possible retest of last week’s highs and maybe higher.

Full Intraday Video from theartofchart.net – Update on ES, NQ and TF (at the start) and then DX, CL, NG, GC, ZB, HG, KC, SB, CC, ZW, EURUSD, GBPUSD, USDJPY, USDCAD, AUDUSD and NZDUSD:

There is still a decent amount of resistance to be negotiated above, but in the event that SPX rallies back over 2700, the obvious expectation would be a retest of last week’s high, and very possibly a test of the triangle resistance that wasn’t reached last week. That resistance is now in the 2728 area. If seen that wouldn’t be likely to be the second high of a double top, and the retracement between the highs retraced more than 61.8% of the previous move. That would be the next key resistance area however, and a break above it could open a retest of the all time high, though that would be unexpectedly early. SPX 60min chart:

180426 SPX 60min

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