Both the Nasdaq 100 as well as the S&P 500 E-mini futures are currently backtesting their recently broken 60-minute uptrend lines as we head into the final hour of trading. While this market has had more than its fair share of stick-saves in recent weeks, we’ll just have to see if the major stock indices can once again pull it off. I actually expect them to pop the indexes at least slightly back above those trendlines as a reversal here would just be “too easy” and this market doesn’t do easy.


The small caps have also followed the large caps with a breakdown & backtest of the bearish rising wedge on the IWM 60-minute chart following the 3rd extreme overbought reading in months (with the previous two similar OB readings followed by drops of 4.2% – 8%+).
IWM 60-min June 7th

IWM 60-min June 7th