Just One Wafer Thin Retracement Monsieur

SPX has now broken above both the June and March highs, and should be on the way back to retest the all time high. Short term though we are looking for a modest retracement before the next leg up. The short term ES channel support that I was looking at in the premarket video has now broken, the overnight high is being retested and there is a lot of negative RSI divergence. This retracement should be starting soon and last into the first half of next week. Partial Premarket Video from theartofchart.net – Update on ES, NQ:

On the bigger picture SPX is within a larger rising channel and channel support is currently in the 2716 area. That shouldn’t be a target here. SPX 60min chart:

Everyone have a great weekend 🙂

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13th Jul 2018

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