In my premarket video this morning for daily video service at theartofchart.net I was saying that until demonstrated otherwise I was expecting to see all time retests on ES and NQ before a possible swing high (and potential significant top). That high retest is at 3027.75 on ES and the high today so far has just missed that by 2 handles so far. That full test is likely needed before the turn. There is a very nicely formed nested double top setup formed on ES and SPX and that just needs a decent turn down to set the next move in motion.
The equivalent target on NQ is 8051.75, again not yet reached.
In terms of the overall structure from the December low SPX is just under rising wedge resistance and this would be an excellent fail area, though wedges can overthrow of course, and I do have a possible alternate wedge resistance trendline now in the 3045 area. There’s no negative divergence on the hourly chart here but ……
…. there is plenty on the daily chart, with the RSI 5 sell signal already fixed and a possible weak RSI 14 sell signal now brewing. This is a solid looking setup just waiting for the actual turn, though it’s hard to overstate the importance of seeing that actual turn of course. Sweet setups don’t always deliver.
Stan and I did two free public webinars yesterday on the Big Five and Sectors (AAPL, AMZN, FB, GOOG, NFLX, TSLA, IBB, IYR, XLE, XLF, XLK & XRT), and the second on favorite setups using futures and options. Both are posted on our July Free Webinars page if you’d like to see those.