All time lows in bond yields were reached on 7/6. After a near low test 7/29, yields are again moving up and seem like they "should" go higher to test pivot and MA resistance.
The all time high in NDX was in 2000. While the price came close to testing in 2015, the quarterly / monthly and weekly close highs acted as resistance in 2015. Recently they have turned into support. NDX seems very likely to be making headlines in the very near future.
The big question here is: NDX new all time high and fade from there as bond yields continue trend? Or NDX blast off and maintain, as bond yields continue down? We'll see.
Red line is the previous all time low, and consider the quarterly close low of 2.30. Whether or not this is the final low, a lot more upside possible here.
Small red bar with RSI divergence and false breakdown with price back above 2015 low. Stage set for higher.
Still under a sharply down sloping 10MA (aqua) then the 20MA (orange) has been resistance the entire year since the 2nd week of January.
2 red lines on this chart are the quarterly close high and the all time price high. You can see the stall near the quarterly close high in 2015 Q1 & Q2, then a drop; after that the quarterly close has been support. Small red bar 2016 Q2 and since then launch. We are only about halfway through Q3, but c'mon, this looks set to blast through the all time high.
Same red lines as the quarterly close and monthly close were the same. Now maybe we will see selling at the highs, but I cannot imagine not seeing the new all time high headline, which could be as early as Monday. Though RSI overbought on the quarterly chart (and has been since 2013 Q3 btw) RSI on the monthly is only 63 - plenty of room for higher!
On this chart I have replaced the monthly close high with the weekly close high, and you can see this was the exact top in July 2015, then again was resistance in later 2015 with 2 bars just slightly exceeding the level and quick drops back under. This move has been an entirely different story - all blue from the 6/27 low, outside the weekly Bollinger band for 3 weeks, and the weekly close level holding as support. Now I don't know how much higher we will see immediately, and given daily RSIs maybe we will get the headline and then drop, but at this point new all time high in NDX seems like done deal.