Monday, July 15, 2013

ImageImageThere is some confluence on the short timeframes to suggest a market give back is in the cards. On the S&P 500 (SPX) there is pending 13 on the four hour chart. The two hour chart has completed a 9 and currently on a 11 count TD Sell Countdown. With the SPX just a few points away from the 1688-1690 resistance level, it would make sense the market would want to pull back from these levels. From the SPX daily perspective, the drop should not break the momentum as defined by the eight day exponential average and the rising trendline. A close below and we can look at some possible bearish outcomes. 

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Moving to short term bearish when SPX tags 1687 today or at market close – which ever comes first. Overall bullish as dictated by the daily SPX chart. (updated intraday)

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