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Friday 2 June 2017

One Way Days

Apologies for the intermittent update schedule this week. I haven't been feeling that great and I suspect a couple of really good nights of sleep over the weekend are a high priority. Posting schedule will be back to normal next week.

I mentioned on Tuesday that yesterday and today were the cycle trend days this week. These sometimes deliver full trend days, but the other kind of day they can deliver is a day where one side dominates the day, but not to the full extent of a trend day. These days tend to make an AM high or low and then just inch in the chosen direction all day without any real retracements. Yesterday was such a day, and today so far as well.

That was unfortunate for my double resistance on NDX which was tested this morning and held for a while before NDX inched through it. That opens the test of the double trendline resistance in the 5900 area that I was talking about on Wednesday, and at the time of writing I'm wondering if NDX might test that today. NDX 60min chart:
ES hasn't done much more than retest the overnight highs in RTH today, but on the bigger picture the next serious trendline resistance that I have here on SPX is main rising wedge resistance currently in the 2485 area. That isn't a target here, but it would be a strong resistance level if tested. SPX daily chart:
The ES and NQ futures charts below were done before the open for Daily Video Service subscribers at theartofchart.net. If you are interested in trying our services a 30 day free trial is available here.

ES is still testing the rising wedge resistance on this chart and, NQ permitting, that may hold. The possible 60min sell signal that I was looking at before the open fixed in the first hour of RTH. ES Jun 60min chart:
 The possible 60min sell signal that I was looking at before the open on NQ also fixed in the first hour of RTH. With strong trendline resistance holding then at the time that was a very nice opening setup for bears. Not so much after that resistance broke and this push up on NQ failed the sell signal. That was really impressively bullish. NQ Jun 60min chart:
The 60min sell signal also fixed on TF in the first hour of trading today and that hasn't failed and is trying to reconfirm on the higher high in RTH. The sustained trade over 1400 however is very much making the full ATH retest at 1425 a likely target next week. That probably wouldn't kill that 60min sell signal if seen. TF Jun 60min chart:
We may not see any significant retracement on indices so if the bears have anything to say here, the chances are that waits until next week. I'm heading out to dinner with the kids & will be back to watch the close. Stan and I are doing our monthly free public Chart Chat webinar at theartofchart.net on Sunday afternoon at 4pm EDT, and if you'd like to attend then you can register for that on our June Free Webinars page. Be there or be less well informed! You can sign up for that here. Everyone have a great weekend. :-)

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