Apologies for the long delay between posts. My wife has been having a serious health issue including some surgery so I have been very distracted.
In my last post I was looking for another high retest, and we have seen that, with a push this week into the psychologically important 3000 area after the close on Friday. So what now? Well the next high window slipped back from late June into the middle of next week, and we are looking for a significant high, and very possibly the 2019 high, to form in this area. In the short term I’m expecting SPX to test the new ATH on ES and I have a high quality possible rising wedge trendline currently in the 3005-10 area which would be a solid match with that.
SPX 60min chart:
On the daily chart a possible daily RSI 5 sell signal is now brewing, and that high retest might well set an RSI 14 sell signal brewing as well.
SPX daily chart:
On NDX a marginal new ATH has been made and there is now a near perfect nested double top setup for what could be a very serious pullback. Again a possible daily RSI 5 sell signal is brewing.
NDX daily chart:
Stan and I are doing our monthly free public Chart Chat on Sunday, and if you’d like to attend you can register for that on our July Free Webinars page. Our annual July 4th sale is also on until the end of this week and if you are interested in picking up a discounted annual subscription you can do that here. Everyone have a great weekend 🙂