10/3/2017

More points in the bulls favor with all USA indexes continuing up, VIX & XIV failing to reverse despite the chance to do so, and both EEM & EWZ joining the "above all pivots" party in a massive way. Oh yeah, FXI and EWZ both +3%. 

AGG did reclaim its YP though, and I'd rather that be below for pure risk on victory. But I won't quibble too much. 

If market is going to put in a decent top, what we are likely to have - the short list - is:
1. multiple USA main indexes at major resistance
2. other technical indications like RSI overbought or higher timeframe resistance
3. toppy sentiment
4. safe haven warnings
5. timing

Right now only NYA is at 2HR2. DIA is at OctR1, but i don't consider the monthy levels "major."
Other technicals are overbought, but markets are in power up mode as people who expected a Q3 correction didn't get one and are now piling in. Sentiment is getting up there not totally toppy yet. Most safe havens are weak. And no strong timing quite yet.

In other words while extended, the ideal top is higher than now. What would the ideal (trading not final) high be? 

SPX OctR1 / Q4R1 at 2543/2568 then YR2 at 2576
NDX OctR1 / 2HR1  at 6048 / 6068
INDU 2HR1 / YR2 at 22711 / 22937
RUT YR1 1518
NYA 2HR2 / Q3R1 at 12307 12388

SPY, EEM, XIV below.