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SPX has made new all time highs as expected and has gone to the resistance level I was talking about in my post a week ago. In the meantime though that trendline has risen and looks to be in the 4465-70 area now. There is no need to test that trendline, but it is strong trendline resistance if reached.
SPX 60min chart:
Everything is in the groove from my post yesterday. NDX and ESTX50 made new all time highs yesterday. SPX and Dow made new all time highs today, RUT retested the August high today, making the second high of a possible double top. Only DAX looks slightly short of a new all time high but that may well be made too on Monday.
I had a look at all of these in my premarket video at theartofchart.net this morning and posted that on my twitter. If you missed that and would like to see it, you can see that here.
Obviously there is a chance that everything breaks up further here, so I’m carefully watching the well established resistance trendlines on SPX and NDX. The SPX wedge resistance trendline is currently in the 4450-5 area.
SPX 60min chart:
(more…)SPX and NDX held the strong resistance they were testing a week ago, retraced a bit, and are now close to testing them again. I have been expecting new all time highs on both, and NDX has made a new all time high today, but SPX is still a bit short and likely needs to make a new one too.
Both RSI 14 and RSI 5 daily sell signals are now fixed on SPX, and if resistance holds again, then next short term high at least is close.
SPX daily chart:
Apologies for the extended absence again as my interminable divorce drags on. That’s making progress though at least, and in a few months at most should be done.
In the meantime I posted my premarket video at theartofchart.net from this morning on my twitter in the morning and on indices so far at least that has been exactly on target. If you missed that then you can see that here.
Just to recap quickly what I was saying on the video, I was expecting SPX and NDX to rally into retests of the strong resistance trendlines that have been holding so far this week on both. We have seen that retest on SPX and a daily RSI 5 sell signal is now brewing as expected. If that fixes then these have been good performers for delivering retracements this year.
(more…)I’ve been distracted this week by a divorce hearing yesterday morning, but that’s out of the way now and I’m doing two posts today. This first one is talking about short term upside targets across SPX, NDX, IWM and INDU and the second one later today will be looking at the bigger picture case for a backtest of the 3750-3800 SPX area soon, and the potentially very bullish implications if we were to see that happen.
For now on SPX the wedge resistance trendline is in the 4400-10 area, and the retracement over the last couple of days could set up a very decent possible RSI 5 sell signal if SPX heads directly to that target from here.
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