The daily upper band is now at 1970. With the close yesterday at 1962 that shouldn't close higher than 1973 today and we might see a close enough intraday hit to be a visual hit of the upper band. SPX daily chart:
My ideal topping range would be 1965-70 as that would make my wedge targets, and I'll be concerned with any move over 1970 that my channel resistance might be in trouble. From a technical perspective that should be a higher high on SPX with a lower high on the hourly RSI 14. I've listed the obvious support levels and targets on the chart below. SPX 60min chart:
For an ideal double-top on TRAN I'd like to see that go a little higher too, though that's not required. A break below this rising channel should be a signal that a retracement on SPX should reach at least 1925 double top support. TRAN 60min chart:
I thought I should post an updated TNX chart, even though nothing much of interest is happening at the moment. TNX is currently pinned in an inflection point. A sustained break above 26.60 will trigger an IHS target in the 29.25 area, as well as the wedge target at a retest of the 30.36 high. A sustained break below 25.30 double top support should deliver a test of the last low at 24.02, and very possibly a test of falling wedge support in the 23.50 area. TNX 60min chart:
Everything looks lined up today. ES has been trading below the 50 hour MA, suggesting that we are at an inflection point which may well be a reversal area, and the ES 60min RSI is looking for a higher high short term. Overhead resistance looks solid and the timing is right, there is a decent chance of making a short term high today, and if a surviving bear can be located to take advantage of that, then this might well be a significant high leading into a retracement that can be seen without the aid of a microscope. Don't bet the farm on that however, the bears have disappointed very regularly in recent years.
I didn't have time to finish my precious metals post yesterday afternoon. All the charts are done now however and it will be out this afternoon without fail.