Backtesting Resistance

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:

NDX rallied almost to the backtest of broken H&S neckline support today. If NDX breaks higher into a retest of the daily middle band in the 5730 area then it might well then be forming the right shoulder on an alternate H&S. As long as that holds the next big downside target area is rising support from June 2016 in the 5410 area. NDX daily chart:

The ES and NQ futures charts below were done before the RTH open for Daily Video Service subscribers at theartofchart.net, and are the ones shown on the video linked in the first paragraph. If you are interested in trying our services a 30 day free trial is available here.

ES broke over declining resistance today and that opens a possible retest of the 2436/7 area, though I'm doubtful about that unless NQ needs to go higher. ES Sep 60min chart:

NQ may need to go higher, as falling wedge resistance broke at the highs today. This morning's 60min buy signal made target but the double top target in the 5680 area was not quite hit and may well be unfinished business for tonight or tomorrow. NQ Sep 60min chart:

TF didn't move much today. Clear support and resistance. Still wondering about that possible all time high retest. TF Sep 60min chart:

NQ and ES both have possible unfinished business above tomorrow morning. Tomorrow is a cycle trend day with 70% odds of being dominated by one side or the other. Historical stats for Thursday and Friday this week are mildly bullish tomorrow and neutral on Friday.

Stan and I did our monthly free public Chart Chat at theartofchart.net on Sunday and if you missed that you can see the recording posted on our July Free Webinars page. I would also note that this week's edition of The Weekly Call is posted and that the model portfolio there is up 170% in the seven months to June 23rd, obviously well on course to make our target minimum 200% return over the first year. As and when that target is reached we're thinking of making the strategy there a bit less conservative. That's a free weekly service and if you trade futures I'd suggest adding it to your reading list.