Wash. Rinse. Repeat. /ES (S&P 500 futures) has rallied about 4.4% since the last divergent low on May 13th & appears to have come full circle with negative divergences now in place & the next sell signal to come on a solid break below this 60-minute uptrend line.
ES 60m May 25th
/NQ (Nasdaq 100) has rallied back to the key 13702 resistance level with negative divergences between price & the momentum indicators. QQQ has also bounced back to the key 334 resistance level in pre-market trading as well, both levels which triggered the sell signals on /NQ & QQQ back on May 4th.
NQ 60m May 25th
We also have negative divergences on /RTY (Russell 2000 Small-cap futures) with the next sell signal to come on a solid break below this uptrend line as well & ideally, a break below the trendlines on all 3 of these indexes. Also, keep an eye on the primary uptrend lines on the daily charts of SPY, QQQ, & IWM as they ‘should’ continue to act as resistance if/when tested from below while a solid recovery back above all three would be bullish.
RTY 60m May 25th