for the ALTS i see that we would have a relief rally for the summer before the next fed meeting in September , its a period that we could get some relief for all the markets .
my scenario is the green line ( chikou span ) crosses the first red line from below , that would be a confirmation that the ALTS would soar to the upside , we have another resistance level in 2655 , and the strong volume zone (2964-3664 ) that in my opinion would be the end of the alts summer .
we notice also , that the weekly RSI is facing the support channel , but it will broke , and the macd will make the cross and that would be the signal in addition to the first condition i gave (chikou span ).
the lines are support and resistance lines . zones in red are high volume traded areas (strong support and resistance ) the channel drawn , you can better see them in the daily time frame .
in my opinion a leg down is also possible before the relief rally of alts , if 28 and 29 july news come negative .(1109 -951 area)
Looks like SPX is painting a double top. It could take a long while.