Bulls pushed through the falling red trendline of resistance yesterday and appear to be running for a new all time high now. But the 4hr chart is getting up near overbought now. It can grind higher of course but a pullback is near. My thoughts are still that we'll breakout to put in a new all time high over 4400 first, and then pullback.
But after studying the charts more I no longer think the pullback will be 100+ points to make a new low, but instead just think it will be shallow... like 30 points, maybe up to 50 points. First though we need to make a need high, which isn't looking likely today, but possibly tomorrow. That would be a great way to close out the week with a new high on Friday, and then a pullback on Monday as very few bears will want to short a new all time high over a weekend.
So bulls will just want to hold the line here today to give the shorter time frame charts, like the 1hr, 30 minute, and less, enough time to reset and turn back up. The 4hr can't move that fast but the 2hr could work off some of its overbought conditions and then turn back up with all the shorter ones as they reset. As far as resistance goes you can see the futures up against a rising pink trendline and trying to get through it.
If it does then you just have the 4368 prior high from 9am on 7/16, which shouldn't be that hard to get through but all the sideways chop around 4370 from 7/14 will be a little tougher. Then the all time high of course is next. You'll notice the rising green trendline is pointing to around 4425 or so, which is the spot I think the bulls will have to stop at and do a pullback. This assumes they continue to grind up higher the rest of this week to hit it, which I think they will. That's all for now. Have a blessed day.
Here's a chart I posted in the free chatroom yesterday. It still applies.