Month end
These no question the bulls might be able to start a trend higher. I am still not convinced, but if they are able to push QQQQ above 42, and close it above that Friday, Monday is probably another up day as sometimes the month end window dressing spill over into next week. And then you have positive momentum and it will move up until we hit major resistance or external event.
Remember also that earnings season usually has positive bias unless we get a lot of negative outlooks.
We are getting into a turning point one way or another. Rationally thinking it should be down, but markets rearly are that easy....
Looking at the charts:
COMPX
Daily closed at resistance, RSI 14 has plenty of room to move higher, RSI 5 at 73.4 can top here or move higher, CCI 20 is above 100 indicating long.
60-min is way overbought, RSI 14 rolling over and RSI 5 at 78.9, stochastics are rolling over
So pullback is reasonable expectations, but whether that depevelops into anything more significant is anyone's guess
NDX
Daily at resistance, RSI 14 plenty room to go up, RSI 5 over 70, ADX indicates no trend in place, CCI says long.
60-min overbought, CCI falling down from above 200, but keeps you still long, stochastics rolling over, RSI 5 at 77.2 and falling from the high in, I guess, 80s.
SPX
Daily chart has funny pattern, last 8 day's candles bodies are gently falling. Nothing says sell it, but I would not buy it either.
60-min looks like it might be sell if the market starts down. If up, the patterns will change. Fast stochastics rolling over, slow ones probably topped. RSI 14 looks like it has turned down at about 55 and now at 53.5, RSI 5 clearly turned down without breaking above 70 now at 61.2.
INDU - easiest index to manipulate
Looks weakest, but can so easily change. Daily MACD crossover but above 0 so it is not a sell signal, just a warning. RSI 5 at 48.8, RSI 14 at 56.2 and moving up, slow stochs rolled over, fast ones moving back up, CCI at 33 and could move below zero easily.
60-min
At resistance, RSI 14 turned down without touching 50, RSI 5 turned down from about 60 and is now 51.1, fast stochs rolled over, slow ones about to, CCI looks like it is being turned off at 0 without ever breaking above it.
So all, in all, as it has been so far, the markets are trendless....
We can break either way, no question about it. Some further upward movement is most likely, I'd say, but unless we get a clear break out, I would not play it.
I rather wait pick short term plays, playing off the extremes.
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