Topping Out Here …….. Probably

In my premarket video this morning for daily video service at I was saying that until demonstrated otherwise I was expecting to see all time retests on ES and NQ before a possible swing high (and potential significant top). That high retest is at 3027.75 on ES and the high today so far has just missed that by 2 handles so far. That full test is likely needed before the turn. There is a very nicely formed nested double top setup formed on ES and SPX and that just needs a decent turn down to set the next move in motion.

ES Sep 60min:

The equivalent target on NQ is 8051.75, again not yet reached.

NQ Sep 60min:

In terms of the overall structure from the December low SPX is just under rising wedge resistance and this would be an excellent fail area, though wedges can overthrow of course, and I do have a possible alternate wedge resistance trendline now in the 3045 area. There’s no negative divergence on the hourly chart here but ……

SPX 60min chart:

…. there is plenty on the daily chart, with the RSI 5 sell signal already fixed and a possible weak RSI 14 sell signal now brewing. This is a solid looking setup just waiting for the actual turn, though it’s hard to overstate the importance of seeing that actual turn of course. Sweet setups don’t always deliver.

SPX daily chart:

Stan and I did two free public webinars yesterday on the Big Five and Sectors (AAPL, AMZN, FB, GOOG, NFLX, TSLA, IBB, IYR, XLE, XLF, XLK & XRT), and the second on favorite setups using futures and options. Both are posted on our July Free Webinars page if you’d like to see those.

Everyone have a great weekend 🙂

Written by:

Richard Chappell

Jack is a 20 year retail trading veteran and co-founder of The Art Of Chart. He started his blog at in 2010 and since has published tens of thousands of charts looking at hundreds of trading instruments across most tradeable markets, doing original work mainly in the areas of trendlines, patterns and divergences. At The Art Of Chart Jack has taught trading skills, technical analysis, and the discipline and trader psychology that allow those to be used effectively in trading.

26th Jul 2019

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