Overheating Charts

Not much from StockCharts today as one of their servers failed overnight due to a cooling failure. Service is back up now but most of today's charts are from elsewhere.

Another dull day on SPX as it inched higher. The close was at 1522, the obvious target for the bull flag that broke up yesterday morning is in the 1525-30 area, and if we are to close yet another week at the upper weekly bollinger band that should finish the week in the 1533 area. If we should see a sharp move to the 1530 area there are good odds there of at least a short term retracement:

EURUSD broke up as expected yesterday and reached 1.352 overnight, so the IHS has played out. The break above declining resistance looks cautiously bullish from here:

I've been looking at 30yr Treasury futures this morning and there may be a bullish falling wedge there, though the lower trendline isn't of great quality. I have trendline support in the 141'15 area and declining resistance in the 144'15 area:

There is a large symmetrical triangle on copper futures that I've been watching for many months now. It is testing triangle resistance again and if we see a break up that would be supportive of continued strength on equities:

CL is now retesting the recent highs after the formation and failure of the H&S there. There is a larger than usual risk of this high being the second high of a double-top:

While this classic example of a formed and failed H&S on CL is still fresh in everyone's minds, I'd like to close today with the DX daily chart, where a much larger H&S has formed and bounced from the neckline. This pattern may still play out, but on a break over 82 we would most likely see a retest of the highs just as we have seen on CL. The Fed is devaluing USD by printing money of course, but Europe, Japan and the UK are doing the same, and between them those three comprise some 82.5% of the dollar index. Thought for the day:

I'm expecting some more upside on equities. Support on ES is at 1515 (50 hour MA) and 1511.