There are now both possible RSI 14 and RSI 5 sell signals brewing on the SPX daily chart. Sometime in the next few days these are likely to fix as a retracement begins that should at least take SPX back to the daily middle band, currently at 2523. SPX daily chart:
There are possible double top setups on both ES and NQ. The ES pattern is a possible match with a test of rising support. All of SPX, NDX and RUT are still on hourly RSI 14 sell signals. ES Dec 60min chart:
NQ Dec 60min chart:
There have been possible reversal patterns formed on TF over the last few days, but overall the likelihood is that TF has been correcting in time rather than price. If so this is a likely bull flag forming. TF Dec 60min chart:
This has been some stupefyingly boring tape so far in October and a decent move in any direction would be a refreshing change of pace. That move should be a retracement, starting in the next few days, which may not be a large one.
Stan and I are doing a free public webinar on our Big Five stocks an hour after the close tonight at
theartofchart.net. These are AAPL, AMZN, FB, NFLX & TSLA. If you would like to attend then you can register for that on our
October Free Webinars page.
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