Waiting Again

It's been a generally dull week, and since the bull flag on SPX made target with a new all time high there hasn't been much movement in either direction. We are still ideally looking for another leg up into the 2509 area but the setup for that last leg up is starting to sour slightly, with hourly sell signals already fixed on ES and the SPX RSI 5. The move should really be in the next couple of days if we are going to see it without a significant retracement first. SPX 60min chart:

We are wondering about a possible all time high retest on RUT. There is still an open RSI 14 buy signal, but there is now also a possible RSI 5 sell signal brewing as well. RUT daily chart:

The ES, NQ and TF futures charts below were done an hour before the RTH 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.

There is a very obvious target above on ES at rising wedge resistance, currently in the 2506 area and that's a strong match with Stan's 2509 target. ES Dec 60min chart:

The last remaining upside target is the bull flag target at the retest of the all time high on NQ at 6025. That should be hit before any significant reversal and there is a possible setup for a hard reversal there. NQ Dec 60min chart:

I've drawn in the three best possible resistance trendline options on TF. The all time high retest there looks ambitious but might be doable. TF Dec 60min chart:

Stan and I are doing our our monthly free public Big Five (AAPL, AMZN, FB, NFLX, TSLA) webinar an hour after the close today at theartofchart.net, and if you would like to attend then you can register for that on our September Free Webinars page. This week's edition of The Weekly Call is posted and the model portfolio there is up 205% in the ten months to August 31st, now slightly over our target minimum 200% return over the first year. As that target has been 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.

We've introduced a new service in beta last week at theartofchart.com called Jacob's Ladders and that's going to be freely available for a couple of months before likely going subscription only at a price to be decided upon, but intended to be inexpensive. The system is fibonacci-based and generates intraday levels likely to be important on a wide variety of futures. I've been using it for months and it's really very good. If you're interested in trying it you can see the introduction page here.  Strong recommend to have a look if you trade futures.