Late post today as I’m not feeling great. TGIF 🙂
I’m having trouble with stockcharts today so I’m going with the futures charts that I posted before the open for subscribers at theartofchart.net. These make the point that I want to make today pretty well in any case.
That point is that on the three indices that I chart in detail on both RTH and their futures equivalents, the rally has delivered much the same pattern setup, albeit with them at slightly different stages. Mother duck, as it were, is SPX/ES, leading the others in this rising wedge that has broken down, formed a bull flag channel or megaphone for a likely retest of the high as part of a topping pattern, and then broken up from that flag. NDX/NQ and RUT/TF, the ugly ducklings trailing behind, both also need a retest of the high and likely marginal new highs to complete the structure. Neither are too far away now, but if they do that SPX may well be driven up into the 2020s. ES Mar 60min chart:
NQ Mar 60min chart:
TF Mar 60min chart:
Either way we should be very close now to at least a short term high. The 200dma is at 2020 on SPX today and I’m not expecting to see a strong closing break over that. We’ll see how that goes as so far this has been developing as a classic trend up day. Everyone have a great weekend 🙂
