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SPX rejected from the backtest of the daily middle band yesterday and came close to a retest of last week’s low at the intraday low today. There is a compelling case for seeing that full retest tomorrow as well as a retracement low retest on NQ and that the next important inflection point is there. I’ll be looking at why that is below. SPX daily chart:
I posted my premarket video on my twitter before the open today and if you missed that then you can see that here. I included charts on XLE and XLF today.
On SPX the daily middle band was backtested today and was respected. As long as that remains the case on a daily close basis then last week’s low at 2405.70 should at minimum be retested soon. SPX daily chart:
I posted my premarket video on my twitter before the open today as I was going out and wasn’t certain I’d be back before the close and if you missed that you can see that here. What I was talking about on ES here was a high quality falling megaphone that had formed on ES on which pattern resistance had been tested twice overnight. If that continued to hold then the likely retracement targets were either a 50% retracement back to the 2430 area or a move back to megaphone support, hit at lunchtime today at 2408.5 and very possibly bullishly underthrown at the current intraday low at 2402.25. This brings us to another important inflection point.
That was a very nice day on NQ yesterday. I was looking for resistance at the weekly pivot at 5768, and the RTH high was 5764. The target on a fail was 5641 and that was slightly exceeded in globex (buffs fingernails modestly) before the start of the rally that we are seeing today. Does this mean that the seventh seal has been broken and the Bearpocalypse has begun? Um … no, but this swing high may well finally be in, subject to what we see on these rallies/backtests.
On SPX the obvious resistance is the daily middle band (daily closing basis). That’s being tested at the moment. SPX daily chart: (more…)
I’m leading with the NDX and NQ charts this morning as they are driving the equities bus here. I posted my morning video for Daily Video Subscribers at theartofchart.net on twitter before the open and if you missed that you can see that here.
NDX broke back over the daily middle band on Friday and that break needed to be confirmed with another close over that on the next trading day, and NDX failed to deliver that yesterday, which was a bearish development. NDX daily chart:
