In my post on Tuesday 5th August I was looking at the modest breaks back over the daily middle bands on SPX and QQQ on Monday and noting that conversion of those to support would open possible all time high retests, and hard fails there would strongly support the H&S patterns forming on both.

In my last post on Thursday 7th August I was saying the same about the second breaks on SPX and QQQ above those daily middle bands on Wednesday and looking at the three strong resistance trendlines on SPX, QQQ and DIA in the event that SPX and QQQ delivered those all time high retests.

Yesterday the headline inflation number remained moderate, though the core CPI number edged back up over 3%, but overall this was interpreted as bullish and we have now seen those all time high retests on both SPX and QQQ. IWM delivered a very strong break above the daily middle band yesterday into a full retest of the July high and DIA, though lagging badly behind, managed a slight break back over the daily middle band, closing at 444.68 against the daily middle band’s close at 443.66.