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SPX went to the resistance trendline that I was looking at in my last post and we have seen a 2%+ retracement from there so far.
On the daily chart the RSI 5 has reached the 30 level and the close yesterday delivered a clear break below the first big support level at the daily middle band. If that break below the daily middle band is going to confirm today, then SPX needs a close today at or below the SPX daily middle band, currently in the 4325 area.
I was doing an intraday webinar at theartofchart.net on Tuesday after the first leg down on this move and was looking at the obvious rally target at resistance in the 4445 ES area, and on a failure the obvious next target in the 4350 area. With that rally high yesterday at 4449 and the overnight low last night at 4347 I was pretty pleased with that call. If you’d like to see that video it is here.
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.
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 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.