Click on Chart to EnlargeThe chart above is a 120 minute chart of SPY which will kind of smooth some of the noise compared to the hourly chart. You can see that there is a running bearish divergence as each new push to highs recently has not been met with new MACD indicator highs.
Just overhead at 116ish is where I feel the most probably resistance zone is, though I could see it going a bit higher than that. My guess is that prices churn upwards a bit from here and then reverse rather sharply either next week or the following week.
So don't mistake.....the intermediate trend is still up. But I am thinking it won't last much longer.
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