In my post last Friday I was talking about the likely retest coming of the new all time high on SPX (and ES), and how that should set possible daily RSI sell signals brewing on SPX (and ES). We saw that ATH retest and marginal new ATH this morning and I am now looking for a high. It is possible that SPX/ES might go a bit higher but I wouldn’t expect much higher and I’d note that there is already a decent quality double top setup here and that on a sustained break below 2964 the double top target would be in the 2923 area.
ES Sep 60min chart:
On SPX the smaller rising wedge has broken down but it is still possible that the larger wedge resistance trendline might be a target. That is now in the 3025 area.
SPX 60min chart:
On the daily chart we now see the RSI topping configuration that I was looking for to form in my last post. Today is the middle of this high window so i am looking for a high to form. The key support level I am watching for support here is the level that held at the low yesterday, at the 50 hour MA on SPX, now in the 2971 area.
SPX daily chart:
If you missed Chart Chat on Sunday you can see the recording posted on our July Free Webinars page.
10th Jul 2019