theEquilibrium: Technical Gut-Check: Nasdaq and S&P 500

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This one’s going to be quick and dirty.

Since I’ve already posted numerous monthly charts for both indexes here and on twitter, let’s not waste our breath: they’re bullish - and it will take a lot of damage to change that on the long-term time frames.

So let’s get to it:

[COMPQ daily chart]

Since breaking out of its symmetrical triangle pattern at the end of May, the Naz has entered an up channel pattern on decreasing volume, and with negative RSI and MACD divergences. It is also moving towards very strong gap resistance in the 1896 range from last October.

A break of the up channel (in either direction) is what I’m looking for. Until that happens, we’re obviously in a range: [...]

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