SPX daily is at the top trend line of what could be a wedge. Huey is in a robo trend up in a channel.
SPX weekly shows the 1.5 year support zone created by the breadth thrust upward. While I am deployed as a bull and have been since the Brexit theatrics, lets not forget how the breadth thrust was originally projected; Breadth Thrust: Prelude to a Crash?
Huey shows two levels of support created by the launch phase of its new bull market.
SPX monthly is below the bottom tine of one of the funniest novelties in TA, the Andrews Fork. These Forks are to be all but disregarded, but with some of the charting platforms out there now (thinking of TradingView, which I like and want to get more intimate with personally, but which I also feel has created legions of TA wielding robo jockeys) they are ever more in use. Despite a gaudy upside operating target of 2410, SPX looks precarious, Fork or no Fork.
HUI monthly shows the fulfillment of the H&S target amid much angst and agony and some bear market retrace levels, including the old neckline to the H&S, AKA Mr. Fat Head.
Just a quick stroll down the short-term and long-term paths for two indexes that have been in tandem for much of 2016, but are not likely to stay that way. Thing 1 is and has been bullish. I also think it is an ending Thing. Thing 2 is and has been bullish as well. I think it is a beginning Thing. Things 1 & 2 each have their own varieties of risk in the near-term.
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