Might Retrace A Bit Here-
The channel resistance break at the open yesterday was a significant break, and there’s no short term reason to think that we are making a sizeable turn here. There is quite a lot of short term negative divergence here though and that might deliver a modest retracement. Double trendline support is currently in the 2356/7 area and if SPX can break below there is a possible gap fill target at 2351.16 or we could see another test of the current price floor in the 2340 area, a strong match with the ES weekly pivot at 2337.75. SPX 60min chart:
Stan and I are doing two free webinars this week at theartofchart.net an hour after the closes today and tomorrow. The first is the Big Five webinar today (rescheduled from last week) looking at AAPL, AMZN, FB, NFLX and TSLA. We’ve been doing some really nice work on these the last few months and these are all looking toppy here, so that should be interesting. The second tomorrow is a second webinar on ‘Technical Patterns You Can Profit From’ following on from the first one in January. As always the TA will be world-class and the subject matter will be interesting so if you’d like to see either of those you can register for one or both on this page here.