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SPX & NDX Backtesting Trendline Resistance

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

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2018-06-07T15:29:46+00:00 Jun 7, 2018 3:29pm|Categories: Equity Market Analysis|Tags: , , , , , , |0 Comments

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