The Battle At The Bands

Yesterday started off as expected, but the move down stalled at the daily middle band, and then that held on repeated tests for the rest of the day. I was saying last night on the daily video update for subscribers at theartofchart.net that the support there three of the last four days was favoring a retest of the daily upper band at 2194/5 next, and that the possible H&S patterns forming on SPX, NDX & RUT were now much less likely to deliver. On a retest of the ATH, which we are seeing now, then I'd be looking for a marginal new all time high in the 2194-2200 range, that should not break the resistance trendline now at 2200. I would expect that marginal new high to be the swing high for the current move up, and for that to hold for three or four weeks. SPX daily chart:

I'm added the ES, NQ & TF charts that I posted for members at theartofchart.net this morning, and I have updated all of those to show the now likely double top setups rather than the H&S setups that had been forming. ES Sep 60min chart:

NQ Sep 60min chart:

TF Sep 60min chart:

SPX is now past the middle of Stan's cycle high window and the setup is all there to make a decent swing high today. I'll be looking for that 4%+ retracement from that high and then at least a retest of this high on the next swing up.