Charts I’m Watching: Jul 30, 2013

Futures are indicating several points higher, but it will probably be enough to take SPX right back into resistance.  I’ll play along on the upside, but be prepared to ditch the long position at any sign of trouble.

The first challenge will likely come at the IH&S neckline around 1692.60.

UPDATE:  9:33 AM

SPX just notched higher than the neckline, but is just shy of either of the .786’s.  I’ll switch sides here at 1692.60 and see if we get much of a reaction.  Stops at 1693.25 — though the .786 and .886 are just above at 1694.08 and 1696.19 so would come into play rather quickly.

So far, SPX is following the upside forecast we laid out last week [see: July 24 update] …just slightly out of phase from a time standpoint.  Of course, there are other less bullish scenarios we also charted.

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