Thursday, July 7, 2011

SPX Hourly Chart

Click on Chart to Enlarge

The 60 min chart MACD,RSI, Stochastics, etc are now showing some bearish divergence (price making new highs but the indicators are not) after a consolidation the last couple days. So we may be near the end of this move higher at least for a short term top. Since the move has been strongly trending, it may be best to use a trending indicator (like ADX/DMI) as well to confirm the end of this 60 min trend.

I might post a trade on this if the market does reverse soon at these levels and gives a nice bearish cross down on the hourly MACD.

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