In my post a week ago I was saying that SPX was back on the Three Day Rule, and on the third day SPX closed clearly back below the 5dma, triggering the rule. That means there is a very high probability that the 4114.65 low will be retested in the near future.
SPX daily 5dma chart:
After that break SPX backtested the daily middle band and rejected from there. That makes a very decent looking candidate rally high.
SPX daily BBs chart:
On the SPX hourly chart a decent quality double top has formed that on a break and conversion of double top support at 4279 would take SPX back most of the way to the low.
SPX 60min chart:
On the NDX hourly chart a smaller double top has already broken down with a target in the 13500 area.
NDX 60min chart:
The matching double top on ES broke down overnight but has rallied back strongly so far. We’ll see if that follows through to the downside today.
ES Mar 60min chart:
We did our monthly free public Chart Chat at theartofchart.net looking at equity indices and the usual wide range of other markets yesterday and if you missed that you can see the recording here or on our March Free Webinars page.
